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Jobs saved as Bristol software firm Helastel rescued from administration

Helastel

Bristol jobs saved as software firm Helastel rescued from administration

More than 30 under-threat jobs in Bristol have been saved after a software developer was saved from insolvency.

LHL Property Auditors of Wiltshire has bought IT consultancy Helastel, which has now been renamed llumo Digital by its new owners.

Administrators PKF Francis Clark said LHL had acquired the company's assets as well as all 35 of its employees as part of the agreement, the financial details of which were not revealed.

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Helaste was founded in 2004 by computer science entrepreneur Iouri Prokhorov and was headquartered in Bristol City Centre's Beacon Tower office building on Colston Street, having moved from its previous site in Queen's Square last September.

PKF Francis Clark said Helastel had experienced “a number of significant challenges in the last few years”, as it worked through the Covid-19 pandemic.

Mark Roach, associate director at the accountant’s business recovery team, said among these were working capital constraints relating to “several Russian customers”, who were unable to transfer funds to the UK due to international authorizations following Russia’s invasion of Ukraine.

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LHL director Mark Lovett, said: “This acquisition represents LHL’s first major portfolio diversification. While LHL and Illumo Digital have different service offerings, the companies share the same values of innovation and customer focus. I’m confident this partnership will bring about new growth opportunities for both businesses, and am excited to be a part of Illumo Digital's future as they continue to evolve their solutions offering, and develop and grow product.”

Stephen Hobson, partner at PFK Francis Clark, said: “Administration is always a last resort but we are pleased that in this case the business and assets have survived along with the jobs of so many highly skilled individuals.”

According to filings on Companies House, Mr. Prokhorov resigned as a director at Helastel last year. On his LinkedIn profile, the entrepreneur is now listed as the founder and chief executive of a new software start-up in Bristol called Supo.

SourceBusiness Live

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