Qicomm Limited (05422551): administration
- Status
- Administration ended
- Administration began
- 2013-01-15
- Incorporated
- 2005-04-12
- Location
- London
- Industry
- 61900 Other telecommunications activities
Why it went into administration
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
QiComm Limited (“the Company”) was incorporated in April 2005 to acquire the business and assets from the administrative receivers of a company called United Networks Limited The acquisition, which was effectively a management buyout, was financed by a Hong Kong based conglomerate called the Qi Group, at the time of the receivership United Networks operated as a voice carner offermg Time Division Multiplexing and IP-based communications over its own infrastructure to customers including international and mobile operators, Internet Service Providers ("ISP"), switchless operators and public sector organisations
In the imtial two years of trading the Company had difficulty in achieving profitability, however, it began generating positive cash flows in the succeeding years and by 2007 it achieved a turnover of £35m which had increased to circa £103m by 2011
The expiry of the lease at one of its trading sites at Aldgate East compelled the Company to relocate its old Switch The directors have advised us that this provided an opportunity to rebuild and revamp the Company’s network with new technology Further, the Company’s management decided to diversfy the business and incorporate a data centre Subsequently, in May 2011, the Company opened a data centre named Tutis Point, located in London's Docklands and interconnected with major operators including three main Telehouses
Administrators' statement of proposals (2013-03-13) · Companies House register