23 May 2022
Sungard UK is “unable to continue as a going concern” and some of its customers are being transferred to UK telecom firm Daisy Group, according to Sky News.
The UK division of US firm Sungard AS went into administration in March, blaming the insolvency on surging UK energy prices and landlords declining to reduce rent costs, following a loss of business after Covid-19. Its North American (US and Canada) operations also collapsed the following month for the second time in three years.
In a letter from the administrators at Teneo Restructuring, clients were informed that Sungard's workplace recovery sites were "unable to continue as a going concern and that the best outcome for customers at these sites would be for them to transition their services to facilities operated by Daisy Corporate Services Trading Limited".
"Daisy has significant expertise in the delivery of these services and is recognized as a market leader in the UK for business continuity and operational resilience," the letter said.
Sky also reports that Teneo has advised Sungard clients to agree new contractual terms with Daisy within a month, after which the services provided by it would cease.
Entrepreneur Matthew Riley has grown Daisy Group into one of the UK's biggest communications services providers.