One of the leading tech firms in North Wales has gone into administration.
Gaia Technologies was started up in Bangor, Gwynedd, more than 25 years ago and has grown rapidly in recent years.
It is a leading provider of ICT technology, products and services - supplying hundreds of schools, colleges and universities. It employs 150 staff.
But it has been hit by cash flow problems in recent months.
This saw a winding up petition made by the HMRC at the High Court last week.
Now FRP Advisory LLP has been appointed as administrators of the firm with a hunt now on for a buyer to save the company.
The business is still trading and no redundancies have been made.
Joint administrator Anthony Collier said: “Gaia Technologies has grown rapidly over the last few years having secured a number of significant contracts, but unfortunately severe cash flow issues have resulted in it being placed into administration.
“We are now working to assess the financial position of the company and will be looking to identify parties who will take the business forward.
"We expect there to be significant interest in the company and encourage any interested party to contact us at the earliest opportunity.”
Interested parties should contact Elizabeth Rae at FRP Advisory on 0161 833 3344.
