Insolvency statistics for Q3 2023 released this week show that overall, company failures are 10% higher than in the same period in 2022. The construction industry…
More than 30 jobs have been saved after an established Bristol software developer and IT consultancy firm was rescued from administration.
Founded in 2004, Helastel Limited provides solutions to complex IT problems for organisations across the public sector, charity, medical, finance, manufacturing and professional services sectors. The company operates out of premises in central Bristol and employs 35 staff.
Stephen Hobson and Lucinda Coleman, of PKF Francis Clark, were appointed joint administrators of the company on 31 March 2023 and successfully sold the business and its assets to LHL Property Auditors Limited, who have renamed the company illumo digital.
Mark Roach, associate director in the business recovery team at PKF Francis Clark’s Bristol office, said: “The company had experienced a number of significant challenges in the last few years, including working through Covid, but also working capital constraints relating to several Russian customers who were unable transfer funds to the UK due to recent international sanctions. We had been working with the company to find rescue options, which concluded with the administration and sale of its business and assets to the new owner, who took on all of the staff.”
Mark Lovett, director of LHL Property Auditors, said: “This acquisition represents LHL’s first major portfolio diversification. While LHL and illumo digital have different service offerings, the companies share the same values of innovation and customer focus. I’m confident this partnership will bring about new growth opportunities for both businesses, and am excited to be a part of illumo digital’s future as they continue to evolve their solutions offering, and develop and grow product.”
Stephen Hobson concluded: “Administration is always a last resort but we are pleased that in this case the business and assets have survived along with the jobs of so many highly skilled individuals.”
Any creditors should contact Mark Roach or Charles Bell in our Bristol office on 0117 403 9800.
Our business recovery team pride themselves on providing good quality advice with a focus on trying to rescue businesses and avoid formal insolvency wherever possible.
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