Paramount Power & Data LTD

SFP Completes Sale of Paramount Power & Data LTD and Secures all Jobs

Nationwide insolvency practitioner SFP has successfully completed the sale of Durham-based data network and security installers, Paramount Power and Data Limited, after the company was placed into administration. All seven employees’ positions will be safeguarded as a result of the sale.

Established in 2011, Paramount Power and Data Limited, designed and installed intelligent data networks and security systems, as well as providing system support to commercial clients across the UK.

In April 2019, the company began using invoice finance to assist with its cash flow but several bad debts throughout 2019 and the start of 2020 contributed to significant financial difficulties and ultimately led to the appointment of SFP’s Simon Plant and Richard Hunt on 30th January 2020 as administrators.

SFP subsequently, achieved a sale of the business and assets to Paramount Technical Solutions Limited, which has seen the futures of its employees preserved.

Simon Plant said: “Pressure on cash flow is a challenge to many small businesses, and while Paramount Power and Data Limited took appropriate steps through invoice finance, in the end it wasn’t enough. By calling in the administrators early, we were able to review the business and sell it as a going concern, thus preserving jobs.”

“Their communication and support throughout the whole process was outstanding, I would recommend their services should a business find itself in difficulty.”

Five Times Winner
Best Business Recovery Specialist

“I found working with the team at SFP easy and professional. They told me what was going to happen, when and how it would be managed; then they did their job.”

“Excellent Service. Introduced our company to other companies that has helped move our business forward.”

Six Times Winner
Best Asset Based Finance Broker