Peter MacLean drags MBI Coakley Limited into Fox IT Holdings 365iT plc scam

Posted by Chris on September 19th, 2012

Peter MacLean, some time Chairman of Fox IT Holdings Limited, until recently parent company of Fox IT Limited and previously 365iT plc – has now dragged Licensed Insolvency Practitioners, MBI Coakley Limited, into the great 365iT plc scam ( although they seem unaware of the chequered history of MacLean and 365iT plc ). MacLean’s long time mates at Moore Blatch solicitors in Southampton sent out a letter to shareholders on the 3 July 2012 saying that there would be a General Meeting of the shareholders on the 2nd August 2012 at which a proposal to wind up the company voluntarily would be put to the members i.e. shareholders .
( This means that MacLean would basically put his proposals to himself, Pieter Hooft  of LMS Capital and Derek King of South East Venture Growth Fund – as they were the majority shareholders before and after the sale of 365iT’s companies to themselves ).

So, a company ( Fox IT Holdings Limited ) which sometime earlier had sold nearly all of  it’s assets ( companies like e.g. 5i Limited )  to another company ( LMS Capital – where Pieter Hooft is M.D. UK Investments – he is listed as a Director of  365iT plc ) and the holding company of which MacLean was also a Chairman ( 365 it services Limited ) and a shareholder,  was now being put into Members Voluntary Liquidation despite the fact MacLean himself had been paid £millions out of it only recently, it had no creditors ( because they had all been paid off  when LMS Capital bought the companies ) and the Directors of Fox IT Limited had just done an M.B.O. of Fox I.T. Limited from Fox I.T. Holdings Limited( See Press Release below ).

In fact it turns out that ( according to Fox IT Limited ) the date of the Members Voluntary Liquidation was delayed firstly to allow the M.B.O. of Fox I.T. Limited to take place and secondly ( according to MBI Coakley ) to enable the preferential shareholders to do some fine tuning to the arrangements so that they could get nearly all of the money available in the company’s accounts leaving virtually nothing for the Ordinary shareholders.

The preferential shareholders are not listed but we can take an educated guess that they include LMS Capital, Peter MacLean and South East Growth Venture Fund. Yes folks, Peter MacLean gets even more money !!

Let’s summarise shall we ???? Most of the company’s that were in 365iT plc ( was Impera plc ) and became Fox IT Holdings Limited are now in 365 IT Services Limited which is a company owned by LMS Ventures ( Where Pieter Hooft is on the Board ) AND Peter MacLean ( who is Chairman of 365IT Services Limited ). It is run by Peter Howells, former M.D. of 5i Limited.

So basically, MacLean and LMS Capital sold these companies to themselves. ( Not sure if Derek King and South East Growth Fund is involved in LMS Capital or 365 IT Services Limited )

MBI Coakley have been presented with a nice neat set of accounts which show that everyone has been looked after except the Ordinary shareholders in Impera plc ( as was ) / 365iT plc /Fox I.T. Holdings Limited. There is virtually nothing left for them.

The terms of the arrangement to sell 365iT plc’s companies to themselves remain a mystery.

The people that got paid out when LMS Capital bought these companies remain a secret.

The terms of the sale of Fox IT Limited to it’s Directors are also a mystery.

I have been inundated with Ordinary shareholders calling me. Some of whom have been working with or for Peter MacLean since the early days. None of them have a good word to say about him.

The investigations continue.

Fox IT Limited MBO Press Release

Fox IT: Management Buy-Out

Fox IT Limited, the leading independent UK based IT Service Management specialists, has

been the subject of a full and exclusive management buyout with effect from 24th August,

2012. The current management team of Andrew Gray (Finance Director), Mike Darkens

(Consulting Director) and Ashley Bassett (Sales Director) have purchased in full the shares

from the parent company, Fox IT Holdings Limited (formerly 365iT Plc.) and will form the

new board and operational directorship of the business. The acquisition retains all current

operational and delivery UK based staff as well as its global partner network covering 25

countries and 125 accredited Service Management consultants.

Since 1981, Fox IT, formerly Ultracomp, has assisted over 500 organisations and 200000

individuals on their journey to transform IT Services in order to deliver greater business

value through accredited training reinforced with assessment and implementation tools and

services. This management buyout facilitates a strengthening of Fox IT’s core business

focus and portfolio in supporting organisations through all phases of their continual service

improvement journey.

Ashley Bassett commented “I believe this is great news for our Clients, employees and the

ITSM Industry. We’re genuinely excited and confident that the buyout provides the

opportunity for Fox IT to continue being the partner of choice for Service Improvement and

transformation programs. Since its involvement in the inception of ITIL® and ISO/IEC

20000, Fox IT has continually been at the forefront in establishing, the advancement and the

practical application of Service Management best practice through thought leadership,

content provision and service delivery. Whilst continuing to support organisations with their

core training needs a key focus and challenge for the new Board of Directors is to provide

our Clients with practical education, guidance and tools to accelerate the translation of their

significant training investment into tangible business benefits.

The Fox IT brand has already seen a shift from being purely a world leading ITSM training

company to one of supporting our Clients’ service improvement programs providing

consulting and resourcing services, process development tools, bespoke training offerings

and strategic mentoring and guidance for maintaining service quality. Therefore, Fox IT is

well positioned to meet this change in demand. Part of our new mission is to raise the

profile of ITSM to meet and deliver business objectives”

Mike Darkens added “The success of the business is based on the core attributes of our

people, their experience and energy. This has led to the positive results we have delivered

consistently to our clients and through adding to our strong relationships, we can continue

the current trend of business growth.”

ITIL ® is a registered trademark of the Cabinet Office

http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1084615740&type=RESOURCES – Members Voluntary Liquidation Details.

Peter MacLean delays Fox IT Holdings Winding up so Fox IT can escape

Posted by Chris on August 31st, 2012

Peter MacLean, Chairman of Fox IT Holdings Limited ( well, Chairman when he wants to be and anonymous when he doesn’t ) has delayed the winding up of Fox IT Holdings in order to let the Directors of Fox IT Limited do a Management Buy Out ( MBO ) of Fox IT Limited.  ( see the full Press Release from Fox IT Limited below ). Quite clearly MacLean and Fox IT Management Team Andrew Gray, Mike Darkens and Ashley Bassett have been deep in discussion about how best to extract Fox IT Limited out of a company that MacLean seems determined to put into administration.

This is really interesting ( if it was not so sad !! ). One assumes that Gray, Darkens and Bassett have been running a profitable company ( else why would they want to buy it ?? ) so this means that Fox IT Holdings Limited, which had no creditors – because they were all paid off when LMS Capital plc bought out most of the companies from 365iT plc – has now had a cash injection from the Directors of Fox IT Limited from the MBO. Yet – we understand – it is still to be put into administration ( if it has not already been – as we understand that is now the case ). Perhaps MacLean has taken even more money out of the company to go with the ” repayment of his loan ” that occurred when LMS Capital bought out most of 365iT’s companies ???? Maybe he has taken a consultancy fee for negotiating the sale of Fox IT Limited to it’s Management team ??

The phones have been hot today with people calling about this latest development so more soon !!

Fox IT: Management Buy-Out

Fox IT Limited, the leading independent UK based IT Service Management specialists, has

been the subject of a full and exclusive management buyout with effect from 24th August,

2012. The current management team of Andrew Gray (Finance Director), Mike Darkens

(Consulting Director) and Ashley Bassett (Sales Director) have purchased in full the shares

from the parent company, Fox IT Holdings Limited (formerly 365iT Plc.) and will form the

new board and operational directorship of the business. The acquisition retains all current

operational and delivery UK based staff as well as its global partner network covering 25

countries and 125 accredited Service Management consultants.

Since 1981, Fox IT, formerly Ultracomp, has assisted over 500 organisations and 200000

individuals on their journey to transform IT Services in order to deliver greater business

value through accredited training reinforced with assessment and implementation tools and

services. This management buyout facilitates a strengthening of Fox IT’s core business

focus and portfolio in supporting organisations through all phases of their continual service

improvement journey.

Ashley Bassett commented “I believe this is great news for our Clients, employees and the

ITSM Industry. We’re genuinely excited and confident that the buyout provides the

opportunity for Fox IT to continue being the partner of choice for Service Improvement and

transformation programs. Since its involvement in the inception of ITIL® and ISO/IEC

20000, Fox IT has continually been at the forefront in establishing, the advancement and the

practical application of Service Management best practice through thought leadership,

content provision and service delivery. Whilst continuing to support organisations with their

core training needs a key focus and challenge for the new Board of Directors is to provide

our Clients with practical education, guidance and tools to accelerate the translation of their

significant training investment into tangible business benefits.

The Fox IT brand has already seen a shift from being purely a world leading ITSM training

company to one of supporting our Clients’ service improvement programs providing

consulting and resourcing services, process development tools, bespoke training offerings

and strategic mentoring and guidance for maintaining service quality. Therefore, Fox IT is

well positioned to meet this change in demand. Part of our new mission is to raise the

profile of ITSM to meet and deliver business objectives”

Mike Darkens added “The success of the business is based on the core attributes of our

people, their experience and energy. This has led to the positive results we have delivered

consistently to our clients and through adding to our strong relationships, we can continue

the current trend of business growth.”

ITIL ® is a registered trademark of the Cabinet Office

Peter MacLean – Fox IT and LMS Capital – web of Directorships – 365itservices

Posted by Chris on August 4th, 2012

Peter MacLean, who recently put Fox IT Holdings into administration ( although he kept his name off all the paperwork ) and is Chairman of the company that trades as 365 IT Services ( http://www.365itservices.co.uk/about/ – the so called trusted IT Partner for British Business – LOL !! ) has a web of Directorships that defies belief but explains quite a bit.

see here http://company-director-check.co.uk/director/915777314 and at the bottom of this blog.

Interestingly – well at least to me – he resigned from the Board of Fox IT Limited in October 2011. It is Fox IT Holding Limited that was put into administration a couple of days ago. 365 ITMS Limited and 365 Technology Limited are still in operation ( to do with 365itservices ) and just look at the 365 IT Subco’s – 365 IT SUBCO No 1 LIMITED and 365 IT SUBCO No 2 LIMITED.

This is the sort of scheming that clients of 365 itservices (  http://www.365itservices.co.uk/about/ ) can expect. 365 Technology Limited and365 ITMS are both registered at Napolean House, the offices of 365iT and the old offices of 5i Limited.

So, it’s really a similar situation to 365 IT where you have subco’s set up just in case of ?????????

Well who knows but probably another planned administration ( creditors and clients beware ) .

The real question of course is how Fox IT Holdings could be put into administration shortly after Peter MacLean took £Millions out of it and when all the creditors were paid off. Source: Leter from Peter MacLean.

Peter MacLean’s Directorships:

Director Summary

Peter MacLean has 21 company director or secretary appointments.

Short name – Peter MacLean
Director ID : 915777314
Year of Birth: 1948

Address

Napoleon House Riseley Business Park
Riseley
Reading
United Kingdom
RG7 1NW

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Company Summary

Company Name Company Status
365 ITMS LIMITED Active
NSD HARROGATE LIMITED In Liquidation
365 TECHNOLOGY LIMITED Active
FOX IT HOLDING LIMITED Active
PHINDA MANAGEMENT LIMITED Active
FOX IT LIMITED Active (Director Resigned 24/10/2011)
365 IT SUBCO NO.1 LIMITED Active (Director Resigned 22/09/2011)
IMPERA LIMITED Active (Director Resigned 22/09/2011)
IMPERADATA LIMITED Active (Director Resigned 22/09/2011)
365 IT SUBCO NO.2 LIMITED Active (Director Resigned 22/09/2011)
SECURE NETWORKS UK LIMITED Active (Director Resigned 22/02/2011)
NEXTAROMA LIMITED Active (Director Resigned 20/12/2006)
EUROCHECK LIMITED Active (Director Resigned 20/12/2006)
W. E. L. GROUP LIMITED Active (Director Resigned 20/12/2006)
ISG TECHNOLOGY LIMITED Active (Director Resigned 20/12/2006)
WEBB ELECTRONICS & COMMUNICATIONS LIMITED Active (Director Resigned 20/12/2006)
INFORMATION SYSTEMS GROUP LIMITED Active (Director Resigned 20/12/2006)
CORPORATE SOLUTIONS GROUP LIMITED Active (Director Resigned 20/12/2006)
ISG WEBB EMPLOYEE BENEFIT TRUST LIMITED Active (Director Resigned 20/12/2006)
ISG TECHNOLOGY HOLDINGS LIMITED Active (Director Resigned 20/12/2006)
GSIG CENTRE LIMITED Dissolved

365 ITMS LIMITED

Appointment Date: 22/09/2011
Position: Director
Occupation: Director
Company Status: Active
Address:

NAPOLEON HOUSE
RISELEY BUSINESS PARK
READING
RG7 1NW
GB

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NSD HARROGATE LIMITED

Appointment Date: 05/11/2008
Position: Director
Occupation: Director
Company Status: In Liquidation
Address:

4 CARTEL BUSINESS CENTRE
STROUDLEY ROAD
BASINGSTOKE
RG24 8FW
GB

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365 TECHNOLOGY LIMITED

Appointment Date: 21/08/2008
Position: Director
Occupation: Director
Company Status: Active
Address:

NAPOLEAN HOUSE
RISELEY BUSINESS PARK, BASINGSTO
READING
RG7 1NW
GB

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FOX IT HOLDING LIMITED

Appointment Date: 18/03/2005
Position: Director
Occupation: Director
Company Status: Active
Address:

NAPOLEON HOUSE
RISELEY BUSINESS PARK, BASINGSTO
READING
RG7 1NW
GB

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PHINDA MANAGEMENT LIMITED

Appointment Date: 27/02/2001
Position: Director
Occupation: Director
Company Status: Active
Address:

STEVENTON MANOR
STEVENTON
HAMPSHIRE
RG25 3BE
GB

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FOX IT LIMITED

Appointment Date: 29/10/2010
Resignation Date: 24/10/2011
Position: Director
Occupation: Director
Company Status: Active
Address:

CHESTER HOUSE
76-86 CHERTSEY ROAD
WOKING
GU21 5BJ
GB

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365 IT SUBCO NO.1 LIMITED

Appointment Date: 09/04/2009
Resignation Date: 22/09/2011
Position: Director
Occupation: Director
Company Status: Active
Address:

NAPOLEON HOUSE
RISELEY BUSINESS PARK, BASINGSTO
READING
RG7 1NW
GB

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IMPERA LIMITED

Appointment Date: 21/08/2008
Resignation Date: 22/09/2011
Position: Director
Occupation: Director
Company Status: Active
Address:

NAPOLEON HOUSE
RISELEY BUSINESS PARK, BASINGSTO
READING
RG7 1NW
GB

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IMPERADATA LIMITED

Appointment Date: 04/08/2008
Resignation Date: 22/09/2011
Position: Director
Occupation: Director
Company Status: Active
Address:

NAPOLEON HOUSE
RISELEY BUSINESS PARK, BASINGSTO
READING
RG7 1NW
GB

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365 IT SUBCO NO.2 LIMITED

Appointment Date: 04/12/2007
Resignation Date: 22/09/2011
Position: Director
Occupation: Director
Company Status: Active
Address:

NAPOLEON HOUSE
RISELEY BUSINESS PARK, BASINGSTO
READING
RG7 1NW
GB

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SECURE NETWORKS UK LIMITED

Appointment Date: 15/08/2007
Resignation Date: 22/02/2011
Position: Director
Occupation: Director
Company Status: Active
Address:

NAPOLEON HOUSE
RISELEY BUSINESS PARK, BASINGSTO
READING
RG7 1NW
GB

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NEXTAROMA LIMITED

Appointment Date: 20/09/2006
Resignation Date: 20/12/2006
Position: Director
Occupation: Director
Company Status: Active
Address:

ASHMEAD HOUSE EVERSLEY WAY
CRABTREE OFFICE VILLAGE
EGHAM
TW20 8RY
GB

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EUROCHECK LIMITED

Appointment Date: 20/09/2006
Resignation Date: 20/12/2006
Position: Director
Occupation: Director
Company Status: Active
Address:

ASHMEAD HOUSE EVERSLEY WAY
CRABTREE OFFICE VILLAGE
EGHAM
TW20 8RY
GB

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W. E. L. GROUP LIMITED

Appointment Date: 20/09/2006
Resignation Date: 20/12/2006
Position: Director
Occupation: Director
Company Status: Active
Address:

ASHMEAD HOUSE EVERSLEY WAY
CRABTREE OFFICE VILLAGE
EGHAM
TW20 8RY
GB

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ISG TECHNOLOGY LIMITED

Appointment Date: 22/02/2006
Resignation Date: 20/12/2006
Position: Director
Occupation: Director
Company Status: Active
Address:

ASHMEAD HOUSE EVERSLEY WAY
CRABTREE OFFICE VILLAGE
EGHAM
TW20 8RY
GB

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WEBB ELECTRONICS & COMMUNICATIONS LIMITED

Appointment Date: 22/02/2006
Resignation Date: 20/12/2006
Position: Director
Occupation: Director
Company Status: Active
Address:

ASHMEAD HOUSE EVERSLEY WAY
CRABTREE OFFICE VILLAGE
EGHAM
TW20 8RY
GB

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INFORMATION SYSTEMS GROUP LIMITED

Appointment Date: 22/02/2006
Resignation Date: 20/12/2006
Position: Director
Occupation: Director
Company Status: Active
Address:

ASHMEAD HOUSE EVERSLEY WAY
CRABTREE OFFICE VILLAGE
EGHAM TW208RY
TW20 8RY
GB

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CORPORATE SOLUTIONS GROUP LIMITED

Appointment Date: 22/02/2006
Resignation Date: 20/12/2006
Position: Director
Occupation: Director
Company Status: Active
Address:

ASHMEAD HOUSE EVERSLEY WAY
CRABTREE OFFICE VILLAGE
EGHAM
TW20 8RY
GB

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ISG WEBB EMPLOYEE BENEFIT TRUST LIMITED

Appointment Date: 05/01/2006
Resignation Date: 20/12/2006
Position: Director
Occupation: Company Director
Company Status: Active
Address:

ASHMEAD HOUSE EVERSLEY WAY
CRABTREE OFFICE VILLAGE
EGHAM
TW20 8RY
GB

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ISG TECHNOLOGY HOLDINGS LIMITED

Appointment Date: 15/03/2005
Resignation Date: 20/12/2006
Position: Director
Occupation: Director
Company Status: Active
Address:

ASHMEAD HOUSE EVERSLEY WAY
CRABTREE OFFICE VILLAGE
EGHAM
TW20 8RY
GB

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GSIG CENTRE LIMITED

Appointment Date: 02/01/2004
Position: Director
Occupation: Executive Chairman
Company Status: Dissolved
Address:

NORTH HOUSE, 198 HIGH STREET
TONBRIDGE
KENT
TN9 1BE
GB

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365 it services’ & LMS Capital Peter MacLean shuts Fox IT as part of his scheme

Posted by Chris on August 3rd, 2012

Peter MacLean used to refer to himself as Chairman of 365iT plc which was the holding company of Fox IT and recently became Fox IT Holdings as part of MacLean’s big plan.  Shareholders in MacLean’s companies are always kept in the dark, unless they are a big shareholder like LMS Capital.

How did Fox IT get to be put into administration at this stage in the game ??? The short answer is that probably MacLean wanted to put it into administration.

MacLean’s name was not on the letter sent out to shareholders of Fox IT Holdings. This is probably because he wants to avoid being seen as the person who first of all sold 365iT Plc’s crown jewels to LMS Capital ( when LMS Capital was not supposed to be buying anything but was going to be split up ) and then shut down Fox IT Holdings and it’s only company Fox IT.

The whole scheme is deliberately very complicated. What readers should most of all take from this is to ensure that they don’t get into any business dealings with MacLean. Don’t invest in any company in which he is involved; sell your company to any company that he is involved in or buy any company that he is involved in. You will not be able to believe anything that is said to you.

At the moment he is hovering around as Chairman of 365 it services ( which is basically owned by LMS Capital and MacLean and run by Peter Howells, former M.D. of 5i Limited ) and is still actually the Chairman of Fox IT Holdings, the owner of Fox IT, although as previously mentioned his name did not appear on the letter to shareholders telling them that Fox It was being put into administration. ( Creditors and partners of Fox IT should note that Fox IT is the only asset owned by Fox IT Holdings ).

So, the story is basically this: After a period when information provided to 365iT plc shareholders reduced to virtually nil they were suddenly told that most of the companies in the 365iT plc group were being sold to LMS Capital. Interestingly it turned out that MacLean was the only one to get paid back out of the money that LMS Capital paid for the 365iT plc companies and that then he put money into the new 365it services group owned by him and LMS Capital. Clearly he and someone at LMS Capital had arranged this deal.

Shareholders were then told that they would be informed about the ” future ” of 365iT plc and it’s only company Fox IT. Now lets bear in mind that 365iT plc was free and clear of all debts so all that was required was for Fox IT to trade profitably for the group to be profitable. But NO !! after a short period MacLean announces that there will be a change of name from 365iT plc to Fox Holdings Limited. ( The sale of the companies to LMS Capital did not, apparently, require the approval of all shareholders but the change of name did ??? ). This seems to be so that the LMS Capital owned company could trade as 365 it services or similar. Then in the last month shareholders were informed that the decision was that Fox IT would be put into adminstration. So a company completely free of debt and profitable suddenly needs to be put into administration. Well, there’s a surprise.

The fact that MacLean’s name is not on any of the paperwork is probably to do with the fact that he does actually realise that there is such a things as a Director’s fiduciary duty. He could well be called to account to explain how and why he sold off the most valuable companies to LMS Capital, netting a pay out to himself and then shut down a profitable company.

Shareholders in Fox IT are in discussion about the details of MacLeans big plan. Watch this space.

Peter MacLean invites 365iT Impera plc shareholders to vote – finally !

Posted by Chris on December 7th, 2011

Peter MacLean, who sometimes refers to himself as a Director and other times as a Non-executive Chairman of 365iT plc, has called a General Meeting for Ordinary Shareholders on the 12th December 2011 at 10.00 in the company’s offices’s at 4 Cartel Business Centre, Stroudley Road, Basingstoke, Hampshire, RG24 8FW.

This is to change the name of 365iT plc to Fox IT Holding plc and to re-register as a limited company.

Now, 365iT and Impera plc shareholders must be asking themselves how it is that they are invited to discuss and approve a change of name and company status but they didn’t get to vote on the sale of most of the companies that 365iT plc owned to LMS Capital; didn’t get to vote on who got their loan notes paid off and who didn’t and also didn’t get to vote on the fact that the name of the company would need to be changed to keep LMS Capital happy.

They were also not informed that these companies were being sold to LMS Capital at a time when approximately 37% of the shareholders ( known as the Raynes Party ) were asking that no further investments be made and the company split up. ( There will be a blog on what has happened at LMS Capital shortly ).

We can assume that MacLean thinks that he was acting within company law, the articles of association etc etc when he made all these decisions. Time will tell about that.

One of the good things about this General Meeting is that it gives oridinary shareholders the opportunity to meet one another and to discuss the recent events orchestrated by MacLean.

Business Health Warning !!

My advice to you for the future is:

Don’t invest in any company run by Peter MacLean.

Don’t sell your company to any company that MacLean is involved in.

The other ” Directors ” ( albeit non-executive ) of 365iT plc at the moment are Derek King ( also a Director of North West Equity and South East Growth Fund Managers Limited ) and Pieter Hooft ( also a Director of 365 ITMS Limited and others ). Presumably Mr Gourlay of Sussex Place  ( and others ) has resigned ??

Presumably Hooft was the contact at LMS Capital that was agreeing to buy the 365iT companies that were sold whilst LMS Capital itself was being asked to stop investing and split itself up and sell each company. ( In fact this is now the agreed strategy for LMS Capital – no further investments and a split up asap ).

More as we get it ……

365 IT Services Limited to be ” Trusted IT Services Supplier to Corporates ” ??

Posted by Chris on October 11th, 2011

According to Peter Howells of 365 IT Services Limited it plans to be the ” Trusted IT Services Supplier to Corporates ” ( see more details at the end of this post – About Us ).

If you are going to trust your IT Services to a partner then you want to know that that partner has the experience and knowledge to provide that service and also you would like to think that they are going to be around for a while.

Lets take the last point first shall we ??

LMS Capital plc, the company that funded the management buyout from 365iT, supported by Peter MacLean, the Chief Executive  of 365iT plc and now the Chairman of 365 IT Services Limited aswell ( complicated eh ?? ) is actually on a break up strategy !!

Yes, that’s correct, the company that wants to be corporates ” Trusted IT Services Supplier ” will soon be broken up !

The story here is quite complicated but if you look at the LMS Capital website ( Our News section )

http://www.lmscapital.com/Ournews/tabid/64/Default.aspx

there are two relevant Press Releases:

1. The ” Concert Party Request “.

2. Proposed change of Investment Strategy and Convening of General Meeting.

The gist of these is that shareholders representing around 37% of the shares of LMS Capital don’t believe in LMS Capital’s strategy of buy and build. They want to see the company broken up and sold. These ” rebel ” shareholders are led by the ( until recently ) Chairman of LMS Capital plc, Robert Rayne.

Whilst Peter Howells is an experienced Managing Director, Peter MacLean has been a miserable failure at trying to build up first of all Impera plc and then 365iT plc. The companies in 365 IT Services were, until very recently, in 365iT, missing is Fox I.T. which still remains in 365iT but has the Sword of Damacles hovering over it’s head while Peter MacLean decides how he is going ” wind down ” 365iT.

Strangely then the ” Services and Consultancy ” business is left in 365iT whilst MacLeans, clearly lacking, hands are in both pots.

http://www.365itservices.co.uk/

How long is it going to take for a company, thinking about partnering with 365 IT Services, to due proper due diligence only to find that 365 IT Services is to be broken up ” as soon as possible ” ??

It is a ludicrously badly thought out strategy that is doomed to failure. Competitors to 365 IT Services are going to have a field day. Their salespeople will cast F.U.D. ( Fear, Uncertainty and Doubt ) all over the deal and in many cases 365 IT Services Limited will fail to win business.

This does not even take into account the competitiveness of the market at the moment and the lack of investment by corporates in this type of service offering.

The world is moving towards managed services and cloud computing but 365iT shut down it’s ” managed networking ” arm and also closed it’s ” Cloud Computing ” business ( selling off the remains to someone with more vision and competence ).

About Us

365 IT Services Limited is a new company formed by a management buyout, backed by LMS Capital plc, of a number of business divisions from 365 iT plc.

These business divisions deliver a range of technology solutions extending from unified communications to network and system infrastructure, security, business continuity and managed services.

http://www.365itservices.co.uk/

The new company, 365 IT Services Limited is managed by Peter Howells who was the Managing Director and co-founder of 5i Limited, the unified communications specialist. Peter MacLean, Chairman and Chief Executive of 365 iT plc who also joins the board as Non-Executive Chairman will focus on corporate strategy and acquisitions.

Peter Howells, Managing Director of 365 IT Services said “Our aim is to become the trusted IT services supplier of choice for corporate businesses in the UK. Bringing together the separate divisions under one banner will provide us with one of the strongest portfolio of technologies and services possible and allow us to work closer with existing and new customers and business partners to achieve this goal.”

Howells added “Working with LMS Capital will not only ensure that we have the capital to fund organic growth but also provide access to a greater source of investment capital to acquire other businesses that will further strengthen our overall proposition in key areas of technology and services delivery.”

Commenting on the investment, Pieter Hooft, Managing Director UK Investments at LMS Capital, said “We are delighted to have the opportunity to be part of 365 IT Services Limited. Our due diligence has confirmed that the individual businesses are held in high regard by customers and key suppliers and we are confident that their integration into a single new company, under a management team that has a proven track record of profitable growth, will create an outstanding company that will take advantage of the rapidly changing IT landscape.”

http://www.365itservices.co.uk/

365iTservices, 365 ITMS, LMS Capital, Peter MacLean, Robert Rayne, 5i and shareholders chat

Posted by Chris on October 11th, 2011

If you are a shareholder in 365iT plc ( 365it services.co.uk )  , LMS Capital, South East Growth Fund or Sussex Place Ventures then it’s been an interesting few weeks for you. As you may or may not know LMS Capital just acquired 365iT companies 5i Limited, ImperaData, Dynax and Secure Networks at a time when The Honourable Robert Rayne ( until recently Chairman of LMS Capital )  has led the ” Rayne Concert Party ” ( who own around 35% of LMS Capital ) in a bid to break up LMS Capital.

Following an earlier blog of mine shareholders in 365iT ( 365it services.co.uk ) have been contacting me to try to find out what exactly is going on at 365iT plc. All that shareholders have received is a letter from Peter MacLean that raises more questions than it answers. ( Particularly in the light of what is going on at LMS Capital ! ) Interestingly long standing ( long suffering ?? ) 365iT shareholders have said to me that the letter sent out late last month is typical of the sort of ” say quite a bit  but say nothing ” communications that they are used to.

We are all waiting with bated breath to see what the new company that comprises 5i Limited, ImperaData, Dynax and Secure Networks is oing to be called. Maybe it will just be ” part of LMS Capital ” until , if the ” Raynes Concert Party ” have their way, the LMS Capital companies are sold off again. ( I know – you are having trouble keeping up with this already !! ).

Don’t worry ! – this blog will help keep you informed on events at 365iT plc ( 365it services.co.uk ) and LMS Capital as and when they happen. I will also report on the upcoming meeting of 365iT shareholders – it will be very interesting to hear more about the history of Impera plc. Some of the shareholders have known Peter MacLean since he was at Guardian iT.

From what we can tell 365iT is now a debt free company which owns Fox I.T.

http://www.foxit.net/pages/about/investors.shtml

Here’s the blurb for investors from the ( new ) 365iT website:

Investors

365iT website

365 iT plc

“365 iT plc was founded in 2005 and now employs over 120 people. Through its wholly owned subsidiaries (365 iTechnology Ltd, 5i Ltd, 7 Global Group Ltd and Fox IT Ltd), the group provides an extensive range of IT services and solutions that address ten strategic areas of IT operations and management: IT Managed Services, Unified Communications, Business Continuity, Data Backup, IT Security, Virtualisation, Networks, Storage Solutions, Infrastructure Solutions and IT Service Management.

365 iT plc designs and delivers information and communications technology (ICT) services that help organisations enhance their IT effectiveness and ROI, enabling them to better meet their business objectives. Headquartered in Basingstoke, the company works closely with its clients from SME businesses through to corporate and public sector organisations.

Peter MacLean photo

Commenting on the acquisition of Fox IT, Peter MacLean, 365 iT plc’s chairman and chief executive, said: “This is a very positive development for the 365 iT group and I welcome Paul Speers and his team. I look forward to working closely with them in and in particular to helping them grow their business model substantially in the coming years.

MacLean continued: “This latest acquisition represents yet another significant step forward consolidating the group’s position in the very competitive and rapidly developing IT services market.”

Paul Speers, Fox IT’s managing director, said: “The future is undoubtedly very exciting and I believe that Fox IT’s capabilities in ITSM and ITIL strongly complement those of 365 iT plc. The combined forces of both companies will establish a new benchmark in the IT Services Sector.”

This 5th acquisition in just 4 years demonstrates the strength of 365 iT and the group’s ability to exhibit continued substantial growth at a time when many businesses are doing quite the opposite. In September, 365 iT plc was ranked the 15th fastest growing technology company in the UK, according to the prestigious Tech Track league table.”

As you can see until very recently everything was Go, Go, Go at 365iT plc !!

Meanwhile whilst there is a lot about the ” Rayne Concert Party ” on the LMS Capital website

http://www.lmscapital.com/Ournews/tabid/64/Default.aspx

there is nothing about the acquisition of 5i Limited, ImperaData, Dynax and Secure Networks which is a bit odd when you consider that at the time the ” Rayne Concert Party ” were shouting for a break up LMS Capital were just spending a load of money acquiring new companies !!

At least all the creditors and Loan Note Holders of 365iT plc got paid out by the money from LMS Capital. Who were the Loan Note Holders – well you can probably guess ( !! ) but more on after the shareholders meeting 😉

Please bookmark and share this blog because THIS is going to be an interesting story!

P.S. More on the New Company that LMS Capital just funded here:

http://www.365itservices.co.uk/about-us.php

About Us

365 ITMS Limited is a new company formed by a management buyout, backed by LMS Capital plc, of a number of business divisions from 365 iT plc.

These business divisions deliver a range of technology solutions extending from unified communications to network and system infrastructure, security, business continuity and managed services.

The new company, 365 ITMS Limited is managed by Peter Howells who was the Managing Director and co-founder of 5i Limited, the unified communications specialist. Peter MacLean, Chairman and Chief Executive of 365 iT plc who also joins the board as Non-Executive Chairman will focus on corporate strategy and acquisitions.

Peter Howells, Managing Director of 365 ITMS said “Our aim is to become the trusted IT services supplier of choice for corporate businesses in the UK. Bringing together the separate divisions under one banner will provide us with one of the strongest portfolio of technologies and services possible and allow us to work closer with existing and new customers and business partners to achieve this goal.”

Howells added “Working with LMS Capital will not only ensure that we have the capital to fund organic growth but also provide access to a greater source of investment capital to acquire other businesses that will further strengthen our overall proposition in key areas of technology and services delivery.”

Commenting on the investment, Pieter Hooft, Managing Director UK Investments at LMS Capital, said “We are delighted to have the opportunity to be part of 365 ITMS Limited. Our due diligence has confirmed that the individual businesses are held in high regard by customers and key suppliers and we are confident that their integration into a single new company, under a management team that has a proven track record of profitable growth, will create an outstanding company that will take advantage of the rapidly changing IT landscape.”

2 years on from Peter MacLeans 365iT plc acquisition of 5i Limited

Posted by Chris on January 25th, 2011

In 2009 we sold 5i Limited to what became 365iT plc ( formerly Impera plc ) which is run by Peter MacLean, who helped build Guardian iT into a £110m business.

I originally invested in 5i Limited in around 2002 when finance would have been virtually impossible to raise for a Hi-tech start-up of this nature.

The original investment period was 3-5 years but I gave 5i’s management until 2009 to produce a return on my investment.

So, post the sale of 5i Limited to 365iT, what has happened ?? What does the future look like ??

365iT is pursuing a buy and build strategy – looking for suitable, complementary hi-tech companies to add  to it’s portfolio. It has raised funds from e.g. LMS Capital, the South East Growth Fund and Sussex Place Ventures.

It bought  7 Global from LMS Capital and also acquired Fox I.T. last year.

I will be posting a series of blogs on the post sale performance and my recommendations to other companies that are considering becoming part of 365iT.


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