Interpath Advisory announces successful sale of Mono Consultants Limited
Interpath Advisory has announced the successful sale of Glasgow-based Mono Consultants Limited, which went into administration last week.
Blair Nimmo and Geoff Jacobs were appointed on Friday as joint administrators to the business, one of the UK’s largest network infrastructure roll-out service providers dedicated to the telecoms industry.
Established in 1997, Mono Consultants’ offering comprised fully managed end-to-end services to customers across the operator, vendor, service provider, fixed, mobile, asset management and joint network sharing markets.
The company experienced a period of poor trading shortly before the Covid-19 pandemic, which led to temporary closures of all sites and further financial pressure.
With working capital needs projected to increase as the levels of activity recovered, the company had a growing funding requirement.
Interpath was engaged to implement an accelerated sale and fundraising process, which has, following extensive work and negotiation, achieved a successful outcome.
Immediately following their appointment, the joint administrators sold the business and certain assets to Solutions 30 UK Services Limited, the UK branch of Solutions 30 SE, a well known provider of last mile solutions to the telecommunications, energy, IT, security and retail sectors.
All of the company’s staff have transferred to the new owners under the terms of the transaction, in addition to key management, the rights and interest to the clients contracts and certain assets of the company.
Mr Nimmo, chief executive of Interpath, said: “Despite the turnaround that was in progress, this is unfortunately another company that has been adversely impacted as a result of Covid-19 exacerbating its funding challenges.
“We are pleased to see the business continue and wish Solutions 30 UK Services Limited and the workforce every success going forward.”
Mr Jacobs, managing director of Interpath, added: “We’re delighted to have been able to conclude this transaction and appreciate the significant efforts of the management team and the professional approach adopted by Solutions 30.
“Working together it is great to have safeguarded all 165 jobs, and allowed the continuity of business operations benefiting customers and suppliers alike.”