New owner for IT company
Collapsed Hutchinson Networks sold to Irish tech firm
Paul Hutchinson: founded the business
Hutchinson Networks, which collapsed last month with the loss of 94 jobs, has been sold to Irish technology firm PlanNet21 Communications.
Blair Nimmo and Alistair McAlinden of KPMG took control of affairs at Edinburgh-based Hutchinson on 13 May and 13 employees were retained to help provide a range of limited services to customers while a buyer was sought.
The IT network solutions provider failed to raise additional investment and implement cost control measures, following a range of challenging factors, including contract delays and lower than forecast growth margins.
The sale to PlanNet21 Communications was completed on 13 June.
Hutchinson was founded in 2011 by Paul Hutchinson and COO Stephen Heslop specialising in complex, international IT projects in 80 countries from its hub in Edinburgh. Its client base includes Fortune 100 companies who require solutions on a global scale.
Mr Nimmo 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.”
There was no update on jobs or on the creditor situation.