Administrators named at stricken broadband installation firm

Administrators from Quantuma have been brought in to look after the day-to-day running of a North-East Lincolnshire fibre optics and utlilities infrastructure firm.

Duncan Beat and Andrew Watling from Quantuma’s Southampton office have been named as joint administrators to Telec Networks.

As we revealed late last week, Telec had filed a notice of appointment to appoint administrators.

Telec has operations in Grimsby, Ipswich and Norwich.

In the firm’s latest available accounts, made up to the end of March 2022, Telec Networks had a turnover of £24.2m and made a profit of £514,172 – a substantial drop on the £2.5m surplus it posted in 2021. At the time, the firm employed an average of 54 people across the year.