Feeds

Administrators take over at ITM Group

Investors refuse further support

  • alert
  • submit to reddit

3 Big data security analytics techniques

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

High performance access to file storage

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
Number crunching suggests Yahoo! US is worth less than nothing
China and Japan holdings worth more than entire company
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.