A Cambridge technology firm has been sold out of administration, preserving the jobs of 25 staff.
Adrian Allen and Steve Law, partners at Baker Tilly, were appointed as joint administrators to Megahertz Broadcast Limited and affected the sale of the company to Okno-TV (UK) Limited.
Allen, partner at Baker Tilly, said: “We believe this deal represents the best outcome for creditors, it has safeguarded the jobs of 25 people and ensures a continuity of supply to some of the world’s leading broadcasters.”
Megahertz Broadcast operated as a systems integrator and mobile broadcast specialist, providing broadcast solutions for leading media companies across a global client base.
The sale will allow Okno-TV to increase its presence in the UK market by trading under the Megahertz brand and accessing its existing customer base.
Jon Flay, CEO of Okno-TV (UK), said: “The acquisition of Megahertz gives us an immediate in-house capability, with a team of highly respected engineers and project managers that will help to facilitate the expansion of our portfolio to include production vehicles and RF capabilities and to extend our footprint globally.”
Bond Dickinson LLP supplied the legal advice on the deal. Andy Stirk, Restructuring partner Andy Stirk, said: “We were delighted to be involved in this transaction which has allowed a well-known business to continue to trade and has provided the right result for the employees and creditors.”