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The provider said that it will continue discussions with the GC, should it have any further inquiries in relation to this restructuring. Meanwhile, Nektan has provided an update on wider restructuring efforts at the provider. According to Nektan, the sale will not have any impact on its ongoing business and, through the deal, it has entered a B2B partnership with Grace Media. Google Tag Manager.

Administrators intend to use proceeds from the sale in the course of running the administration of NGL. Skip to main content. Subscribe Nektan brands Our Newsletters.

It also noted that ongoing trading will not be affected during this period and that this will facilitate all suppliers being paid in full over time. Nektan offloads UK B2C arm after calling in administrators. Nektan said that following the appointment of administrators, this liability was ring-fenced, thus protecting the provider from any claim by HMRC. However, the business has been working with advisors and administrators in order to develop a repayment plan acceptable to HMRC to allow the liability to be repaid in full. This comes after Nektan was last week suspended from trading in London as it failed to publish its accounts before the end of The restructuring of the group, according to Nektan, allowed for all other assets of NGL — excluding the UK B2C business — to be transferred for value into other Nektan subsidiaries. Nektan said that this takes all regulatory obligations into account in order to facilitate continued trading, within the group. This will allow for continued, uninterrupted delivery of services to the UK B2C business with, Nektan to receive monthly royalties from Grace Media. Nektan said this restructuring effort will re-position the business to target new emerging markets with a strengthened balance sheet and cash position.