UK cybersecurity company Adarma has entered administration, with Will Wright and Alistair McAlinden appointed as joint administrators. Employees received immediate termination notices during an urgent meeting, and the company faced financial difficulties after losing major contracts and investor funding. The morning after the announcement, employees were instructed to continue working. Urgent meetings indicated that bids for the company focused primarily on the client list due to its declining status. Client director expressed pride in the work and relationships built within the company during its operational years.
According to staff who spoke to The Register on condition of anonymity, employees were told on Monday that if they had not heard otherwise, they could consider their roles terminated with immediate effect.
Senior execs told staff during the meeting that one of its investors, Livingbridge, pulled funding around three months prior to the administration announcement owing to Adarma's loss of some major contracts.
Staff were greeted with an email the next morning, July 11, instructing them to keep working, and a follow-up email at midday repeating the key points from the meeting the day before.
Adarma's CEO, Chris Shaw, told employees that bids for the company were made over the weekend, but applicants were only interested in the client list, which was shrinking rapidly.
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