Calyx mulls cash-generating options

Chief financial officer David Hargaden stands down from board as integrator hires adviser to examine debt-reduction possibilities

Debt dilemma: Calyx might consider a debt-for-equity swap to ease financial pressure

Integrator Calyx is working with adviser Livingstone Partners to formulate debt reduction strategies. ChannelWeb can also reveal chief financial officer David Hargaden has relinquished his boardroom post.

Channel onlookers have indicated the City of London-based firm is eager to reduce its significant debt levels, with the most likely options being a venture capital cash injection or a debt-for-equity swap.

But one source claimed that, following 2e2's buyout of Morse, Calyx's status as the only remaining tier-two integrator made it an obvious target for acquirers. Over the years, the company has itself built scale through acquisition, snapping up a host of companies between 2002 and 2008, including Mentec International and Matrix Communications.

During 2008, the Anglo-Irish integrator posted UK operating losses of £2.4m on sales of £37.4m.

David Hargaden, who joined Calyx 18 months ago, recently resigned from the company's board, though he remains in place as chief financial officer. Calyx declined to comment.