2/6/2013 12:11:03 PM
More than 600 jobs go at 2e2 after administrators fail to sell business
More than 600 jobs are going at collapsed IT company 2e2, after the administrators failed to find a buyer for the business.
Administrator FTI Consulting said while a number of companies had expressed an interest in the business, including Daisy, it was unable to sign a deal to secure the company's future. Joint administrator Simon Grainger said: 'Regrettably, this failure to conclude a sale coupled with a significant future funding requirement has resulted in large parts of the UK business being closed, resulting in the loss of 627 jobs. We are in discussions with customers to secure the ongoing operation of the Data Centres and Service Desks while alternative options are explored.'
The business had been hit with debts amounting to £270m and failed to meet its banking covenants last year. It had operated O2 Unify in a joint venture with the operator. An O2 spokesman had said it was supporting partners either directly or through third parties while 2e2 fought to secure its future. It is unclear what its future plans will be.
Author: Graeme Neill