Feltech has been rescued from administration by systems integrator Media Powerhouse, which has acquired its assets in a pre-pack deal.
According to AVinteractive, the St Albans Audiovisual (AV) reseller appointed an administrator on 12 August. The White knight, in this case, was CEO Michael Breen who said that Feltech had become “heavily indebted”.
“Peter (Fell) is a fantastic world-class engineer, but he hasn’t quite had the respect for financial management he should have had. We’ve got two businesses that are doing similar things so thought, why don’t we talk? So we did”, Breen said.
“Peter was trying to put in place finance to keep the business going. He was emotionally connected to the business himself, to the staff, and the clients. He ran a company with a fantastic reputation and a very loyal bunch of people. Although the business had been doing well, it became clear quite quickly, and for several (undisclosed) reasons that it needed to go into administration. It was far too heavily indebted.”
Media Powerhouse is an AV and broadcast specialist and is also based on St Albans. There is little crossover between the two business’ customer bases.
Feltech employes 60 and is known for its traditional AV and broadcast skills. The group reported sales of £11.4 million for the full year ending 31 December 2018, according to Companies House.
Feltech boss Peter Fell will remain with the business, but will not be a director.
