The sale of a Midlands IT services provider on the same day that it went into administration has saved the jobs of 340 workers at the firm.
Trinity Expert Systems and Eurodata Systems was brought out of administration by Liberata, the UK’s leading provider of business process outsourcing and support services for the public and private sector, just hours after it collapsed. It had suffered a series of cashflow difficulties.
The purchase was steered by joint administrators Matthew Cowlishaw, Dominic Wong, and Paul Meadows from Deloitte in Birmingham, who achieved the sale of the associated business, trade and assets to the Liberata group, including around 340 employees who were all transferred across to the new business.
It has been recapitalised with £5 million investment and working capital facilities from Liberata, which is majority owned by the investment house Endless LLP.
Liberata chief executive Dermot Joyce said he wanted to build on Trinity’s long-term reputation. He said: “Trinity has invested heavily in product and service innovations. Our combined capability is well placed for growth. We have a vested interest in making sure that suppliers continue to have confidence in Trinity.”
Matthew Cowlishaw, partner at Deloitte, said: “The group’s underlying business is sound with a strong customer offering and future potential. It therefore attracted a large amount of interest from both private equity and trade buyers during the sales process.
“The sale secures the future of the business, its employees and provides the best outcome for creditors.”
Headquartered in Coventry, Trinity and Eurodata had combined turnover in 2012 of £47 million.
