Audiovisual (AV) reseller Feltech has been rescued from administration by systems integrator Media Powerhouse, which has acquired its assets in a pre-pack deal.
Administrator Edge Recovery confirmed to CRN that the deal was made on Monday - the same day that Feltech, which was founded in 1989 and based in St Albans, entered administration.
Edge said that it is "too early to state" what led to Feltech's demise, but added that it would be investigating this as part of its administrative duties.
A filing with London Gazette confirms that Edge was appointed as administrator on 12 August.
Employing 60 staff, Feltech is known for its traditional AV and broadcast prowess, with one competitor hailing it as the 'gold standard' for engineering in the recent CRN Audiovisual Integrator report.
Media Powerhouse is an AV and broadcast specialist and is also based on St Albans.
The group reported sales of £11.4m for the full year ending 31 December 2018, according to Companies House.
Speaking to AV Interactive, which broke the news, CEO Michael Breen said that Feltech had become "heavily indebted".
He also claimed that there is very little crossover between the two business' customer bases, and he hopes to keep as many of Feltech's clients as possible.
Feltech boss Peter Fell will remain with the business, but will not be a director, Breen said.
CRN has contacted Media Powerhouse for comment.
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