Technology company, STS, cuts jobs while in pre-pack administration

Written by companyrescuelondonadmin 3 April 2017

Latest reports have revealed the technology company, Structured Technology Services (STS) of Grove Park, has had to cut jobs after being in a pre-pack administration.

However the company were able to keep 10 jobs because it used a pre-pack. STS was sold by administrators to two new companies owned by former directors of STS. The business continues to trade at Grove Park under the new company, Quatrix.

Administrator, FRP Advisory, stated they were appointed after STS suffered ‘unsustainable cashflow pressures’ and problematic trading conditions. At the time of entering administration, the company were in debt of £500,000, owing to HMRC, the landlord and employees. 

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Categories: Administration, What is administration