A group of virtual mobile services platform telecoms companies have been placed into liquidation.
Despite planning a “commencement of core trading operations in the UK” this year, Viacloud UK Group was unable to secure the required funding for “significant MVNO (Mobile Virtual Network Operator) contracts”.
As a result, the company has taken the decision to discontinue its current investment and operations in the UK.
Simon Thomas and Nicholas O’Reilly of Moorfields Corporate Recovery Limited were appointed as joint liquidators of certain member companies of the Viacloud UK Group on 4 June, including Viacloud UK Limited, Viacloud UK Platforms Services Limited, Viacloud UK Wholesale Mobile Services Limited and Viacloud UK Retail Services Limited.
Thomas said: “It is truly unfortunate that the Viacloud UK Group is currently unable to commercially capitalise upon what has been developed to date, especially given the tremendous efforts and contributions of its staff, suppliers, and partners in assembling a world-class team and infrastructure designed to fuel the growth of MVNO’s in the UK and European telecom market.
“However, we are hopeful that new partners can be identified to take this unique project forward and realise the full potential of the group’s core infrastructure and its unique integration with the UK’s largest MNO”.
In February, chief executive Emanuele Angelidis and chief financial officer Richard Schafer both left the company, less than 12 months after joining.