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Sky News understands that Sungard's UK operations, which operate services for clients including JP Morgan and theThe business, which employs nearly 300 people, provides cloud-based services as well as physical data centres, demand for which was hit by the COVID-19 pandemic. Sources said landlords' refusal to agree to rent cuts had prompted the decision by Sungard's directors to call in administrators, with soaring energy prices having a material impact on its finances.Sungard Availability Services UK - the entity which has gone into insolvency - is said to have been in talks with landlords since the start of the year, but had been unable to reach an agreement about improved payment terms.
Teneo is understood to have obtained interim funding to trade the business, with discussions taking place with potential buyers on an accelerated basis.
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