A former Azzurri Communications employee has been arrested on suspicion of defrauding the managed services company.
In a statement this week a High Wycombe police spokesman said: ‘A 33-year-old man from Aylesbury was arrested 13 December on suspicion of fraud in relation to a company on Gordon Road, High Wycombe. He has been bailed to appear at High Wycombe Police station on 6 February.’
A spokesman for Azzurri Communications said the company was unable to comment because of the ongoing criminal investigation.
The incident came to light just before Christmas and marks the end of a tough year for the managed services provider, which has seen an exodus of key staff, largely to rivals Olive Communications and Daisy Group.
However a new financing deal provided some good news for the company in October. The deal saw Azzurri’s debts cut from £103m to £25m and a £3m investment secured into its cloud-based telecoms services.
Azzurri’s lending banks also reduced its interest bearing debt by more than 75%. At the time Azzurri said the refinancing showed the banks’ confidence in the business. The deal also extended the maturity on the debt by two and half years to December 2016.
The £3m investment from this latest refinancing will go into new cloud-based telecoms services, to support its ICON (Intelligent Cloud Optimised Network) platform. It will see Azzurri launch a multi-tenanted hosted telephony platform early this year.