Original URL: http://www.channelregister.co.uk/2005/05/03/interregnum_buys_itm/
Interregnum saves ITM Group from the knacker's yard
Hoovers up bust AV reseller
Posted in IT Channel, 3rd May 2005 11:24 GMT
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Interregnum (http://www.interregnum.co.uk) is buying ITM Group, the bust audio visual reseller, through its subsidiary Audio Visual Machines Ltd.
The deal covers ITM’s order book, debts and key staff including the MD of the auDiio visual division. Interregnum expects the takeover to boost AVM’s revenues by about £2m over the next twelve months.
Martin Cooper, finance director at Interregnum, told El Reg: “There are lots of people doing basic kit installs for audio-visual equipment but we will offer more integrated AV services for boardrooms.”
Cooper said about ten people would keep their jobs as a result of the deal. He explained that AV was a subset of ITM’s overall business.
ITM Group went into administration on 15 April. Financial backers withdrew their support after the firm brought in only half of its expected annual turnover. Despite turnover of £10m the firm could not meet costs.
Interregnum is a small London-based investment bank which specialises in M&A advice for IT firms. It also makes investments on its own account, most recently folding two wireless networking firms it owned into a bigger rival Red-M, which then floated on AIM. ®
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