The business and certain assets have been sold as a going concern to Wiltshire-based Virtua UK Ltd, a leading service provider to the telecoms, mobile telecoms and wireless industry.

TBBN, which supplied engineering, infrastructure and installation services in the communications sector, was established in 2007 and won a series of installation and services contracts across the broadcast, telecommunications and public sectors.

However, the administrators said that whilst recent significant projects had secured future revenue, profit margins were impacted putting unsustainable pressure on the company's cashflow.

Management attempted to restructure the business and sought further investment to ease cash flow pressures, but this was insufficient to turnaround the financial performance and with no other options to secure on-going trading available, the directors sought protection of a notice of intention to appoint administrators, while marketing the business for sale.

Steven Stokes, joint administrator and partner at FRP Advisory said: ‘This was a successful result for the business, customers, employees and creditors of the company.

'In Virtua UK the business has found an ideal new owner, with its strong and established expertise in the complementary fields of fixed and mobile telecommunications. We wish all of those involved the very best for the future.’