Overview:
Exigen Group has successfully completed the sale of the business and assets of CTBO Limited, a Sunderland-based company providing a wide range of audio-visual services. The sale safeguarded jobs for 10 employees. Founded in 2015, CTBO primarily provided services to resellers across the UK and Europe, expanding over time to include network infrastructure and electrical support services.
Financial Challenges:
From 2019, the business faced cash flow difficulties and implemented cost-reduction measures. These challenges were intensified by the COVID-19 pandemic. Despite entering a CVA in March 2020 to continue trading, the company continued to struggle and accumulated post-CVA debts. Following a review of the business’s circumstances, the directors sought professional guidance and progressed to Administration.
David Kemp of Exigen Group said:
“The sale was a positive outcome, helping to protect the business and save jobs. At a time where many businesses across various sectors are facing a variety of pressures, it is perhaps more important than ever for Directors to be on the front foot and to seek professional advice when concerned. Whilst it can be daunting to do so, it will in most cases make a meaningful and positive difference to the business and the eventual outcomes.”
Outcome:
The successful sale of CTBO Limited illustrates how structured Administration and professional support can protect employment and maximise value for stakeholders, even in challenging market conditions.