Firstnet Solutions has confirmed that it has entered liquidation and that a terrible 2017 was what finally did the Leeds-based VAR in.
Founded in 2011, the outfit said that it saw challenging trading conditions, high hardware supply costs, cash flow pressures and an “underlying lack of a commercial leadership to support the business”.
The company suffered a significant decline in sales, and margins then followed suit. Managing director of Firstnet Solutions David Cusworth said that repeated commercially misguided decisions have cost the company significant revenue and ultimately led to its failure.
“This is a sad and devastating time for us all, our colleagues, customers, partners and suppliers… We will continue to work closely with our professional team and third-party advisers in this process.”
The company’s woes became public in January when details of a £48,777 county court judgment (CCJ) were revealed.
At the time the company spun the issue as something in the midst of being resolved and was overlooked due to the Christmas break.
Firstnet opened its first datacentre last March – a 400-rack facility which was previously an NHS datacentre. The data centre was supposed to give Firstnet its cloud, colocation and disaster recovery services, with the firm already outsourcing these capabilities to third parties.
It is believed that expenditure for the high-spec kit for its data centre was instrumental in Fastnet’s downfall.
