Administrators to Outsourcery's companies, the diverse cloud operations business which failed last week have sold the assets and most of the business to GCI Network Solutions. Customers will continue to be provided with the service.
Sam Woodward, Joint Administrator and Restructuring Partner at EY, said: “Over a number of years Outsourcery had invested significantly in its IT infrastructure and cost base in anticipation of strong revenue growth from its O-Cloud platform. In practice, the pace of revenue growth was below expectations resulting in Outsourcery suffering trading losses and cash flow pressure. The Board was unable to secure additional working capital funding and as such, commenced a process to identify potential buyers for the business.”
“I am pleased to report that following that marketing process, we were able to secure a sale of the majority of the Outsourcery business to GCI Network Solutions Limited immediately following administration, which presents an excellent outcome for the business, preserves approximately 100 jobs and provides continuity of service for its customers.”