Calyx Group placed into administration

Administrators confident they will find a buyer for troubled ICT provider

Managed service provider the Calyx Group and its subsidiaries have been placed into administration with effect from 3 September 2010.

Joint administrators of the UK and Northern Ireland entities are Geoff Rowley and Phil Armstrong, partners at recovery and insolvency firm FRP Advisory LLP.

In a statement Rowley said: "Although Calyx Group has an annual turnover of around £75m, it was carrying a debt in excess of that amount. The group was unable to repay a secured creditor."

Rowley added that the group has a solid reputation and a good customer base, and said he was hopeful it would find a trade buyer.

"While we undertake this exercise, the business will continue to run as normal, with no interruption to customer service,” he added.

Currently, no redundancies have been made, and the group will be traded as a going concern while a buyer of the business and assets is sought, said FRP Advisory.

Calyx Group employs more than 500 staff based in the UK, Northern Ireland and Ireland.