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Jobs saved as Gateshead IT company is acquired out of administration

Jobs have been saved at a North East IT company after it was acquired out of administration by national IT services business Technology Services Group Limited (TSG).

TSG has bolstered its technical offering by acquiring the trade and assets of Aegis IT Limited, based in Team Valley, Gateshead.

All Aegis staff have joined TSG as part of the transaction, which saw the business bought out of administration from rescue and recovery specialists Begbies Traynor with Quantum Corporate Finance acting as lead adviser.

The sale has created a larger combined business in the North East with the capability to offer an improved technical service to TSG’s national customer base.

David Stonehouse, chief executive of TSG, said: “Given the quality of both the customer base and the team, there was a high level of interest in acquiring Aegis.

“Both the team and the customers fit perfectly with delivering our strategy to increase penetration in the mid-market, most importantly sharing our consultative approach and a deep understanding of technology.

“I’m also delighted that the staff are so enthusiastic about the opportunities for development and career progression that we can offer at TSG.”

Joint administrator Andrew Haslam, of Begbies Traynor in Newcastle, added: “It’s great news that following a successful sale process, we were able to secure a deal that not only rescued the business but gave continuity to the Aegis staff who are to be integrated into the TSG team.”

The deal marks the return of Quantum to the North East market. Quantum is led by Chris Appleby and David Bell, who were joined by Abu Ali last month.

Abu, who led on the TSG deal, added: “Aegis has a great technical pedigree, an impressive team of experts and an enviable list of clients. TSG has acquired a significant collection of assets in this deal which will no doubt help the business deliver its ambitious growth plans.”

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