Quantuma appointed administrators of Telec Networks Limited
Founded in 2002 Telec Networks was involved in delivering broadband networks across the UK and recorded a turnover of £24m in 2022
Quantuma has been appointed as joint administrators of utilities infrastructure firm Telec Networks Limited.
Telec Networks entered administration on 17 August 2023 after a major contract was postponed and a change in customer payment terms resulted in a significant impact on the company’s cash flow.
The company had no option but to cease to trade, however all staff transferred to a new employer prior to the administration, avoiding the need for redundancies.
Founded in 2002 Telec Networks was involved in delivering broadband networks across the UK and recorded a turnover of £24m in 2022.
Andrew Watling, managing director at Quantuma, said: “It is unfortunate that Telec Networks has been forced to cease trading and enter administration, due to a combination of challenging circumstances that reflect the difficult trading climate for many businesses in a number of sectors, where delays in starting contracts and late payment by clients inevitably lead to a squeeze on cash, which may be terminal if not addressed.
“As joint administrators, our immediate priority is to establish the recoverability of sums due to the company in order to maximise asset realisations for the benefit of the administration estate and the company’s creditors.”
