Blenheim Communications Limitedhas bought the technology business of iHub2 Limited out of the administration of its parent company iHub UK Limited. This has saved all 18 jobs, will pay all trade creditors in full and will enable the business to continue trading without interruption of services.

Based in Newbury, Berkshire, iHub 2 provides voice over internet protocol (VOIP) hosted telephone services to the UK business market. iHub UK Limited was placed in the hands of joint administrators Gerald M Krasner and Ken Pattullo of Begbies Traynor on 30 June 2015 following a reorganisation by way of a hive down to a new subsidiary company, iHub2 Limited, shortly before the administration.

The joint administrators completed the immediate sale of iHub2 to London-based Blenheim Communications. The undisclosed consideration for the sale was paid in full at completion, with it being apportioned between the shares in iHub2 Limited and full repayment of a substantial inter-company loan.

Joint administrator Gerald M Krasner commented: "The sale to Blenheim Communications is the best possible outcome in the circumstances. It has resulted in all of the jobs at iHub UK Limited being saved. In addition, all the trade creditors including HMRC, which was hived down with the business, will be paid in full."

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