Blair Nimmo, Joint Administrator and UK Head of Restructuring at KPMG, comments on sale of (HNL) to PlanNet21 Communications Ltd.
The joint administrators of Hutchinson Networks Ltd (HNL), Blair Nimmo and Alistair McAlinden from KPMG, have secured the sale of the business to PlanNet21 Communications Ltd.
Edinburgh-based Hutchinson Networks was placed into administration on 13th May 2019, resulting in 94 redundancies. 13 employees have remained within the business to help provide a range of limited services to customers while KPMG explored a sale of the business and its assets.
The IT network solutions provider appointed administrators after unsuccessful attempts to raise additional investment and implement cost control measures, following a range of challenging factors, including contract delays and lower than forecast sales margins.
The sale to Irish technology firm, PlanNet21 Communications Ltd was completed on 13th June 2019.
Blair Nimmo, Joint Administrator and UK Head of Restructuring at KPMG, said:
“We are delighted to have successfully completed a sale to PlanNet21 Communications, protecting a number of jobs and safeguarding the cutting edge technology and intellectual property developed locally by Hutchinson Networks. Hutchinson Networks built a fantastic reputation and there was significant interest both within the UK and globally in its business and assets. PlanNet21 Communications is based in Ireland and this acquisition will provide the new owners with a fantastic base from which to expand their operations into the UK. I wish them every success for the future.”
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.