Advantage Cellular Communications went into administration yesterday, following the removal of its funding by the company’s Polish financial backer.
Mark Boughey and Colin Prescott, directors of restructuring and recovery at the Bristol office of Smith & Williamson, have been appointed joint administrators of Advantage Cellular Communications Ltd. Advantage Cellular Communications has two strands to its business, first selling mobile phones and contracts under an agreement with Hutchinson 3G and secondly selling SIM-free mobile handsets and accessories to its network of independent dealers.
Advantage Cellular Communications, located in Didcot employs approximately 40 people and had an annual turnover of £32 million. The company has been operating under is current owners since April 2007.
Boughey said: “We’re working hard to secure the best outcome for creditors. We will take steps to maximise the value of the assets and will consider whether there is a possibility of a sale of the whole or part of the business.”
The company ceased to trade at the end of the week commencing 9 March 2009 and the directors appointed the joint administrators today aiming for an orderly closure of the business.
Further information will be made available once the joint administrators have had an opportunity to assess the business.
There has been no comment so far from Hyundai Mobile UK, which has been relying on basing itself at Advantage Cellular’s offices to start the new national business and to provide distribution.