Following the appointment of Tom Straw and Chris Lewis of RSM UK Restructuring Advisory LLP over Light Source Design Limited on 31 January 2023, the administrators have achieved a sale of part of the Nottingham-headquartered business, securing 83 jobs and enabling the principal customer Openreach to minimise disruption to its national fibre network build programme.
The sale was to M Group Services Telecom Division, giving them an increased provision of fibre build and other services to Openreach, and who will also be working closely with the company’s sub-contractor partners to maximise employment opportunities and mitigate the impact of the administration.
Tom Straw, partner at RSM UK and joint administrator, said: “We are delighted to secure a partial sale of the company’s business and assets, including the right to continue using the company’s name and brand, through a complex multi-faceted transaction in a short timeframe. This has saved jobs and allows for the best possible return to the company’s creditors. We would like to wish the purchaser all the best taking the business forward.”
Mark Turner, Managing Director of the Telecom Division at M Group Services, said: “We are proud to be delivering solutions for the future of UK telecommunications infrastructure. This agreement further strengthens the long-standing relationship between Morrison Telecom Services and Openreach. We look forward to welcoming our new colleagues and sub-contractors and the additional capability they bring to our business.”
