Invisible Networks goes titsup

No money, no buyer

By Tim Richardson • Get more from this author

Posted in Wireless, 6th October 2003 08:37 GMT

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Wireless broadband outfit Invisible Networks has gone titsup after running out of cash and failing to find a buyer.

Without any money to pay for the leased lines that support IN's wireless broadband communities the company has warned its customers that their services are likely to be switched off "within a very short period of time".

A last ditch bid to sell the company failed with insiders claiming that the company's debt problem proving to be too much of an obstacle.

In an email to customers boss Richard Nuttall said: "Over the past month or so the company has been experiencing cash flow difficulties and the directors have taken professional advice on restructuring the company.

"As part of this process we have sought a buyer for the business and assets as a going concern, but regrettably have heard today from the last remaining interested party that they will not be making a bid.

"The company is insolvent and cannot continue to trade and in accordance with professional advice the directors have today instructed business rescue and insolvency specialists McTear Williams and Wood to assist to place the company into Creditors' Voluntary Liquidation," it said.

No one at the Cambridge-based insolvency outfit was available for comment at the time of writing.

In August, IN shed half it jobs as part of a restructuring process which, the company said, was due to the "changing demands of projects" it was working on.

At the time the company said that the restructuring had enabled it to "refocus its expertise" and that it was now in a "strong position to grow and move forward in a fast-expanding industry". ®