Managed IT services supplier Calyx Group has been placed into administration after struggling to pay its debts.

Geoff Rowley and Phil Armstrong, joint administrators for the group and partners at restructuring firm FRP Advisory LLP, said that Calyx Group was carrying a debt on its balance sheet “in excess” of its annual turnover of around £75 million.

“The group went into administration after it was unable to repay a secured creditor,” said Rowley.

Meanwhile, Calyx Goup’s Irish divisions have also been placed into receivership, under the responsibility of Tom Kavanagh of Irish insolvency firm KavanaghFennell.

According to a statement from FRP Advisory, the administrators are looking for a buyer of the business, but as yet, no redundancies have been made.

“We’re hopeful of finding a trade buyer,” said Rowley. “While we undertake this exercise, the business will continue to run as normal, with no interruption to customer service.”

Calyx Group has more than 500 employees in the UK, Northern Ireland and Ireland.

The company has provided managed IT services to customers including Royal Holloway, University of London, Barclays, Hays Recruitment and retailer Matalan.