Activate.co.uk parent fails to secure funding

ITM Communications Limited has been placed into Administration following the appointment of David Whitehouse and Simon Wilson, both Partners at Kroll Buchler Phillips, as Joint Administrators by the High Court.

The Blackpool-based media owner was placed into Administration after attempts by the management to secure additional private funding became protracted and the business began to experience cash-flow difficulties. It provides a variety of services and manages Online ''''communities'''' such as NUS Online, the national students union website.

ITM Communications employed 39 employees. Unfortunately, it was necessary to make around 20 employees redundant in order to ensure the business could continue pending attempts to rescue the business.

David Whitehouse, commenting upon the appointment, said:

We are hopeful that we can secure the future of the business through a going concern sale to a third party. Indeed, we have received serious expressions of interest from several parties and we are optimistic that the business will be attractive to a business that wishes to grow within the area of online service provision. We are working with the NUS to provide a fast and satisfactory resolution of the Company''''s difficulties which we hope will benefit all the stakeholders of the business