Up to 100 jobs saved as cloud services provider is bought out of administration

Up to 100 jobs have been salvaged as a Manchester-headquartered cloud services provider has been acquired out of administration, a news source can reveal.

Outsourcery Hosting Ltd entered administration on 16 June 2016, with Sam Woodward and Simon Edel of EY’s restructuring team appointed joint administrators. Immediately following their appointment, the joint administrators completed the sale of the majority of the business and assets of the group to GCI Network Solutions for an undisclosed sum. Scott Riley, chief strategy officer at GCI, immediately assumes day-to-day management of the Outsourcery operation and its full integration within GCI.

Sam Woodward, joint administrator and restructuring partner at EY, said: "Over a number of years Outsourcery had invested significantly in its IT infrastructure and cost base in anticipation of strong revenue growth from its O-Cloud platform.

"In practice, the pace of revenue growth was below expectations resulting in Outsourcery suffering trading losses and cash-flow pressure. The board was unable to secure additional working capital funding and as such, commenced a marketing process to identify potential buyers for the business.

"I am pleased to report that following that marketing process, we were able to secure a sale of the majority of the Outsourcery business to GCI Network Solutions immediately following administration, which presents an excellent outcome for the business, preserves approximately 100 jobs and provides continuity of service for its customers."

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