LED provider LED Studio has filed for administration in the UK and called in insolvency company Opus Restructuring, who were instructed to act on behalf of the business on April 20, as filed on the public record The Gazette.
The story first appeared on the website of the UK newspaper The Daily Express on Friday morning. Insolvency specialists Andrew Watling and Michael Ian Field, of Opus Restructuring, have been appointed to oversee the administration.
LED Studio was founded in 2010 and has experience centres in Cyprus, Germany, Dubai and the US. Inavate has been told by different sources the new company HQ will be in Germany, and that there have been redundancies in the UK operation.
In response to a story in the Basingstoke Gazette (LED Studio operates out of Hampshire International Business Park in Basingstoke), Robert Bint, CEO and founder seemed to confirm the restructuring process on LinkedIn yesterday (Sunday 26 April): “Only the ltd original entity that has gone into an administration restructuring process. There was a change at board level that was needed as many will know and this very much enables that. The office, experience centres and all other global entities all remain the same as are the ‘innovative’ products and our incredible team. Change for further growth was very much needed …"
LED Studio were approached for an interview but supplied a prepared statement: "LED Studio confirms that its UK entity has entered into an administration process, which is being managed by appointed administrators," said Rob Bint, global CEO and founder.
"This process relates solely to the UK entity. LED Studio’s operations in North America and the European Union are separate legal entities and continue to trade as normal. These businesses remain fully operational, with no interruption to client delivery, contracts, or ongoing projects.
"As part of a coordinated international group, we are working closely across our North American and EU businesses to support continuity for clients and partners wherever possible, including exploring ways for ongoing projects and relationships to be supported through our wider network. The administrators are supporting an orderly restructuring of the UK business, with the objective of preserving value for stakeholders and supporting continuity for employees and clients where possible.
“Our focus remains on delivering for our clients and supporting our teams during this period. We have built a strong, connected international business, and our teams across North America and Europe are working closely together to maintain momentum and continue delivering for our partners around the world. Further updates will be provided as appropriate."