Original URL: http://www.channelregister.co.uk/2005/05/03/interregnum_buys_itm1/
Interregnum buys another company
Hoovers up busted AV firm
Posted in IT Channel, 3rd May 2005 11:27 GMT
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Interregnum plc is buying audio visual firm ITM Group through its subsidiary Audio Visual Machines Ltd. ITM was in administration.
The deal covers ITM’s order book, debts and key staff including the MD of the auciio 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 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. ®
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