Two UK telco resellers go titsup
Psst! Anyone want an AIM listing?
Convergent Communications, has filed for administration, after creditors presented the AIM-listed firm with a winding-up order. In a Regulatory News Statement today, the company said that directors petitioned for administration after negotiations to sell Convergent Telecom, its only trading subsidiary broke down. It thinks there is more value to be had in disposing the trading company and trying to flog off the company's AIM listing. If it fails to sell on the AIM listing, there is no prospect of any money being returned to creditors or to shareholders, the company said.
Meanwhile, the company has sold two operations of Convergent Telecom, the field engineering business to Jetdawn, described as a related company to Fone Logistics Ltd, and its mobile phone business to Genesis Communications, a division of Dixons Stores Group. Terms were undisclosed.
Hunter Kelly and Garry Wilson, of Ernst & Young in Leeds are handling the administration.
Anthony Murphy and Robert Horton of Smith & Williamson in Guildford are handling the receivership of Eclipse Telecom. Neither were available for comment at time of writing. But we understand that Eclipse's factoring company triggered the insolvency. There is no relationship with Eclipse Internet, the Exeter-based ISP and web hosting firm. ®