15th Jun 2016 07:52
LONDON (Alliance News) - Outsourcery PLC said Wednesday it will appoint administrators from Ernst & Young in order to complete the sale of the business and assets of its trading subsidiary Outsourcery Hosting Ltd to GCI Networks Solutions Ltd.
The cloud services company said it expects to make the appointment today, and the sale is expected to complete shortly thereafter.
Shares in Outsourcery were suspended earlier this month after it said it had received a number of offers for its assets, following a warning in April that it needed short-term working capital.
In April, it reached an agreement with its principal secured lender, mobile giant Vodafone Group PLC, for the terms of a new conditional drawdown working capital facility to provide it with funding whilst it realised its assets.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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