Overview:
Exigen completed the sale of Durham-based Paramount Power & Data Limited, safeguarding all seven jobs and ensuring business continuity following its entry into Administration. Established in 2011, the company specialised in designing and installing intelligent data networks and security systems, as well as providing support services to commercial clients across the UK.
Financial Challenges:
Despite implementing invoice finance in April 2019 to improve cash flow, several bad debts across 2019 and early 2020 placed significant pressure on the business. With mounting financial difficulties, the Directors sought professional assistance, leading to the appointment of Richard Hunt and Simon Franklin Plant of Exigen as Joint Administrators on 30 January 2020.
Simon Plant, Director of Exigen Group, commented:
“Cash flow pressure is a common challenge for many small businesses. While Paramount Power & Data Limited took proactive steps by using invoice finance, a series of bad debts made recovery increasingly difficult. Acting early allowed us to review the business and complete a sale as a going concern, securing the jobs of all employees.”
Outcome:
Exigen’s appointment led to the successful sale of the business and its assets to Paramount Technical Solutions Limited, ensuring the company’s continued operation and safeguarding all seven employees.