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The former holding company of the i3 Group has entered administration, it has been reported.

Earlstown Technology Limited called in the administrators on May 24th 2011, following a Serious Fraud Office investigation into the alleged misconduct of Total Asset Finance.

This firm was the main source of finance for the i3 Group, which was originally responsible for the troubled Bournemouth and Dundee Fibrecity project, reports ISPreview.co.uk.

According to the news provider, Earlstown Technology had cash reserves of just £1,429,794 in 2010, down from £7,798,699 a year earlier.

The i3 Group recently sold its controlling interest in the 100Mb broadband projects to CityFibre Holdings, a start-up helmed by former i3 Managing Director Greg Mesch.

He said the new company was committed to "the full reinstatement and stabilisation of the network that has already been built" in Bournemouth.

Mr Mesch stated: "By the end of the year, the network will have passed in the order of 24,000 homes which will be ready for service. Our longer term plans are to pass all the remaining homes by mid-2013."

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