Feeds

Administrators take over at ITM Group

Investors refuse further support

  • alert
  • submit to reddit

The next step in data security

Amersham-based reseller ITM Group Ltd went into administration last Friday (15 April) after its backers withdrew further financial support. The majority of ITM's 100 staff have been made redundant.

The administrators, Andrew Duncan and Andrew Stoneman of Menzies Corporate Restructuring, said in a statement that ITM Group realized only half of its projected turnover last year. Despite turning over £10m last year, high overheads and costs meant ITM was losing £200,000 a month.

ITM provided audio visual, IT and web solutions systems integration and services. Its website claimed partnerships with Cisco, IBM and Novell, amongst others, and a customer base that included Deloitte & Touche, DaimlerChrysler, and Ladbrokes.

The administrators said most of ITM's staff were IT engineers, programmers or project managers. High staff overheads, together with the failure to meet revenue targets meant the company had been making losses for some time. With no prospect of a further capital injection, "there was no option but for the company to be placed in administration."®

Related stories

Councils fall behind in race to deliver eGovt

Security for virtualized datacentres

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Why Oracle CEO Larry Ellison had to go ... Except he hasn't
Silicon Valley's veteran seadog in piratical Putin impression
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
Bono: Apple will sort out monetising music where the labels failed
Remastered so hard it would be difficult or impossible to master it again
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.