Glasgow-based Mono rescued after collapse
A Glasgow-based network service provider has been sold on after falling into administration.
Blairnimmo and geoff jacobs from Interpath Advisory were appointed joint administrators to Mono Consultants at the end of last week.
Established in 1997,mono was one of the UK’S largest network infrastructure roll-out service providers dedicated to the telecoms industry.
Despite a new management team’s efforts to turn the business around following a period of poor trading, the business was further challenged in March 2020 when all sites were forced to close temporarily amid the initial Covid lockdown.
Interpath was taken on to implement an accelerated sale and fund raising process and following “extensive work and negotiation ”has achieved a successful outcome. Immediately following their appointment, the joint administrators sold the business and certain assets to Solutions 30 UK Services, the UK branch of Solutions 30 SE, which is focused on the telecommunications, energy, IT, security and retail sectors.
All of the company’s staff have transferred to the new owner under the terms of the transaction, in addition to key management, the rights and interest to the clients contracts and certain assets of the business.
Nimmo, joint administrator and chief executive of Interpath Advisory, said: “Despite the turnaround that was in progress, this is unfortunately another company that has been adversely impacted as a resul tof Covid-19 exacerbating its funding challenges. We are pleased to see the business continueand wish Solutions 30 UK Services and the workforce every success going forward.”