SFP Completes Sale of Sunderland-based Audio-visual Services Firm

Nationwide insolvency practitioner, SFP, has successfully completed the sale of the business and assets of CTBO Limited, a Sunderland-based company providing a wide-range of audio-visual services – securing jobs for 10 people.

Formed in 2015, the business primarily provided audio-visual services to resellers across the UK and Europe, expanding over the years to provide supporting services including network infrastructure and electrical services.

However, in 2019, the business began to experience poor cash flow, and undertook a range of measures to reduce operating costs. Its financial difficulties were exacerbated by the COVID-19 pandemic, putting it at risk of insolvency. It continued to trade by entering into a CVA in March 2020, but ultimately the business continued to struggle. The company faced further financial difficulties when it accrued post-CVA debts.

After considering the circumstances of the business, the Directors sought professional guidance and ultimately decided to progress with Administration. As a part of the process, the business was valued and marketed. Following Administration, a sale was achieved on 10 March to CCC Technologies Limited, securing jobs for 10 employees.

David Kemp, Joint Administrator at SFP, says that “the sale was a positive outcome helping to protect the business and save jobs. At a time where many businesses across various sectors are facing a variety of pressures, it is perhaps more important than ever for Directors to be on the front foot and to seek professional advice when concerned. Whilst it can be daunting to do so, it will in most cases make a meaningful and positive difference to the business and the eventual outcomes.”