Gaia Technologies is seeking a buyer after entering administration.
Two partners at advisory firm FRP Advisory LLP were appointed joint administrators earlier this week and said that Gaia has suffered “severe” cashflow issues over recent months.
Gaia reported sales of £19.5 million during its most recently reported financial year, ending 31 March 2018 which was a drop of two million on the previous year.
Joint administrator Anthony Collier said: “Gaia Technologies has grown rapidly over the last few years having secured a number of significant contracts, but unfortunately severe cashflow issues have resulted in it being placed into administration.
“We are now working to assess the financial position of the company and will be looking to identify parties who will take the business forward. We expect there to be significant interest in the company and encourage any interested party to contact us at the earliest opportunity.”
According to its website, Gaia was initially a supplier of computer systems, parts and peripherals, but decided to focus exclusively on the education space in 2007.
