Technical Wind Down for Rent to Own Business
A rent to own business moves into Administration, our client asks Beyond to provide our Technical Wind Down services.
Our client is the world's seventh-largest by revenue and sixth-largest by number of employees professional services network of independent accounting and consulting member firms which provide assurance, tax and advisory services to privately held businesses, public interest entities, and public sector entities. Beyond were engaged to assist with an orderly technical Wind Down.
The target was previously the largest rent-to-own company in the United Kingdom, with 240 stores. It was a national chain that provided home electronics, domestic appliances, household furniture and related products on a hire purchase arrangement.
On 30 March 2020, Administrators were appointed. The company went into administration as the it had been struggling after an influx of compensation claims.
Beyond has previous experience with regards to technical wind downs of complex technology led businesses having previously wound down a well known payday lender. We were immediately engaged to gain control over key Oracle databases as well as Linux infrastructure systems as the business was suffering from a loss of key staff. Using our standard methodology we deployed our Engage, Examine and Execute processes to ensure we had sufficient detailed knowledge of key systems whilst documenting the platforms to ensure we had an operating manual moving forwards.
We seamlessly assumed management of the Oracle and Linux systems without operational impact to the business enabling the continuation of services and developmental changes as required.
We covered the following services whilst working with the client.
1. Oracle database administration including maintenance and patching
2. Linux infrastructure administration including facilitating platform updates and patching
3. Technology strategy advise
4. Support during datacenter migrations
5. Out of hours support and maintenance
6. Technology wind down and decommission
Business benefits and Outcome.
Utilising Beyonds services enabled the target business to continue operations whilst the Administrator completed activities required for the eventual closeout of the business. Using a combination of secured resource from Beyond with the additional benefit of our Outcome As A Service (OAAS), we provided a flexible package of resources that allowed the Administrator to make rapid decisions without lengthy contract negotiations.
Beyond understand the sensitivities of such engagements and have developed a particular approach.
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