Housing sector IT solutions provider Sovereign Business Integration Group has called in the liquidators after going tits up due to the pandemic.
The company was doing well before 2019 and netted £7.4 million in turnover, then the Barnet-based outfit saw revenues tumble 46 percent to £4 million in 2020.
Although actions taken to reduce its cost base enabled it to virtually halve pre-tax losses to £798,000 during the period, Sovereign stressed at the time that it was “actively seeking ways to further reduce costs in the face of the uncertainty in the market and the reluctance of companies to commit to capital investment decisions”.
According to a statement of affairs, Sovereign went under owing HMRC £1.67 million, with Sophos, Mimecast and Softcat listed among its other creditors.
According to documents filed on Companies House, the company appointed a voluntary liquidation on 18 November. The company “cannot, by reason of its liabilities, continue its business”, a winding-up notice issued on the same date read.
It seems to have been unlucky as so far the channel has survived 2022 without any major bankruptcies.
