North Wales-based Gaia Technologies, which provides ICT products to UK schools, colleges & universities, has entered administration due to cashflow issues.
The firm, based in Bangor, was established in North Wales in 1992, initially set up to trade in hardware products and supplied computer systems, parts and peripherals throughout the UK.
In 2007 the directors took the strategic decision to focus exclusively on the education market.
In 2011 Gaia Technologies completed the purchase of their current Head Office building, located on Parc Menai in Bangor.
From 2007 to 2014, financial results showed a 326 per cent turnover increase from £3.8m in £16m respectively.
Ben Woolrych and Anthony Collier, partners at specialist business advisory firm FRP Advisory LLP, were appointed as joint administrators of Gaia Technologies on 16th August 2019.
Joint Administrator Anthony Collier said: “Gaia Technologies has grown rapidly over the last few years having secured a number of significant contracts, but unfortunately severe cashflow issues have resulted in it being placed into administration.
“We are now working to assess the financial position of the company and will be looking to identify parties who will take the business forward. We expect there to be significant interest in the company and encourage any interested party to contact us at the earliest opportunity.”
A buyer is being sought for the firm through FRP Advisory.