Outsourcery sold after Dragon runs out of puff
Something positive was salvaged from the crash at cloud biz Outsourcery – 100 employees have transferred with the business in a pre-pack sale to new owners GCI Network Solutions.
The loss-making company ran into cash flow shortages on multiple occasions, most recently in April when principal secured lender Vodafone stepped in to keep the firm afloat as a buyer was sought.
The deal, in which the shareholders were warned they’d get “no or little” return on their investment, was exclusively revealed by El Reg. EY was this week appointed as administrator to oversee proceedings.
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