More than 30 jobs have been saved after a Bristol software developer was rescued from administration.
IT consultancy Helastel has been acquired by Wiltshire-based LHL Property Auditors. The new owners have renamed the business llumo Digital.
Administrators PKF Francis Clark said as part of the agreement, the financial details of which were not disclosed, LHL had taken on the company’s assets and all 35 of its staff.
Founded in 2004 by computer science entrepreneur Iouri Prokhorov, Helastel was based in the Beacon Tower office building on Colston Street in Bristol City centre, having registered a move from its previous base in nearby Queen’s Square last September.
PKF Francis Clark said Helastel had experienced “a number of significant challenges in the last few years”, as it worked through the Covid-19 pandemic. Mark Roach, associate director at the accountant’s business recovery team, said among these were working capital constraints relating to “several Russian customers”, who were unable to transfer funds to the UK due to international sanctions following Russia’s invasion of Ukraine.
LHL director Mark Lovett, said: “This acquisition represents LHL’s first major portfolio diversification. While LHL and Illumo Digital have different service offerings, the companies share the same values of innovation and customer focus. I’m confident this partnership will bring about new growth opportunities for both businesses, and am excited to be a part of Illumo Digital's future as they continue to evolve their solutions offering, and develop and grow product.”
Stephen Hobson, partner at PFK Francis Clark, added: “Administration is always a last resort but we are pleased that in this case the business and assets have survived along with the jobs of so many highly skilled individuals.”
According to filings on Companies House, Mr Prokhorov resigned as a director at Helastel last year. On his Linkedin profile the entrepreneur is now listed as the founder and chief executive of a new software start-up in Bristol called Supo.
Read next:
- Students to pitch for £75,000 start-up funding in University of Bristol's 'Innovation Showcase 2023'
- Construction company signs deal for £500m University of Bristol campus at Temple Meads
- University of Bristol spin out raises £6.7m for smartphone chip tech
- Growing Bristol finance firm makes fourth acquisition in nine months
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
