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According to reports, the UK wireless network business has become insolvent after months of financial struggle
Cambium Networks, Ltd., the wholly owned UK subsidiary of Cambium Networks Corporation, has filed a Notice of Intent to appoint administrators, according to reports from ISPreview.
By appointing administrators, the company is legally protected from creditors seeking repayment of debts.
As part of the process, the administrators will seek sales of assets and business lines, with remaining entities in the group to be wound up through local processes.
Incorporated in 2011, UK-based Cambium Networks offers fixed wireless access (FWA), Wi-Fi, switching, and cloud management services to enterprises and ISPs. At its peak, the company’s products were used by over 10,000 network operators worldwide.
In the UK, the company was perhaps best known as a supplier of FWA-focussed altnet Airband, which was itself sold this month to rival altnet Voneus after an administration process.
Cambium’s financial struggles have been clear for some time, with the company’s stock price collapsing over the past four years from its peak in April 2021. Management attributed this slide to a softening of demand, stronger competition, and supply chain issues.
The company’s issues came to a head in March this year, when Cambium was delisted from the Nasdaq stock exchange after delayed reporting and SEC filing compliance issues.
Even more recently, Cambium cut 260 jobs worldwide, representing around 54% of its workforce.
With the UK business now in administration, Cambium’s future will depend on whether buyers can be found for its remaining assets and operations, leaving the company’s customers, partners and employees facing considerable uncertainty.
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