Geo-technical and structural monitoring instrumentation specialist itmsoil Group has been sold out of administration, preserving 115 jobs.
The group was comprised of five companies: itmsoil Group Limited, IS services receivables 2014 ltd, IS Management Receivables 2014 Ltd, IS Instruments Receivables 2014 Ltd) and IS Property Receivables 2014 Ltd.
The companies traded mainly out of Uckfield, East Sussex, working with the design, manufacture and installation of specialist geo-technical and structural monitoring instrumentation within the construction industry.
Managing several subsidiaries, both in the UK and internationally, itmsoil Group employed in excess of 100 staff.
In January 2014, the financial position of the Group weakened following the presentation of winding up petitions against two of the companies, which prompted the secured lender to place the companies into administration.
The group entered administration following a period of “financial difficulties predominantly as a consequence of contractual disputes and the subsequent withholding of revenues by clients in respect of major infrastructure contracts.”
Kristie Provan and Mark Fry of Begbies Traynor were appointed as joint administrators to the group of companies on 21 January, and sought a sale of the business and assets of the Group as a going concern.
Highfield Glen Limited and Trinity Fisher Limited purchased the business and assets of the Group and the companies, with the exclusion of IS Property Receivables 2014 Ltd.
In January 2014, itmsoil signed an agreement with Rcapital and is set to receive investment capital to drive continued growth in the UK and globally.