Jobs saved as satellite TV firm sold out of administration

Northampton-based satellite television infrastructure installer The Bridge Networks North has been sold out of administration to Wiltshire-based Virtua UK.

The sale secures all 28 jobs at the firm.

The business was established in 2007 and won a series of installation and services contracts across the broadcast, telecommunications and public sectors.

However, while recent projects had secured future revenue, profit margins were impacted putting unsustainable pressure on the company’s cash flow.

Management attempted to restructure the business and sought further investment to ease cash flow pressures, however, it wasn’t enough to turnaround the financial performance and with no other options to secure on-going trading available, the directors put the firm into administration.

Administrators sold the business and certain assets were sold as a going concern to Wiltshire-based Virtua UK, a service provider to the telecoms, mobile telecoms and wireless industry.

Steven Stokes, joint administrator and partner at FRP Advisory said: “This was a successful result for the business, customers, employees and creditors of the company.

“In Virtua UK the business has found an ideal new owner, with its strong and established expertise in the complementary fields of fixed and mobile telecommunications. We wish all of those involved the very best for the future.”

Russell Hill of Squire Patton Boggs in Birmingham advised the administrators on the sale.