Home / News / Evesham debt reached ?6.8 million
Channel impact is over ?1 million ? Administrators blame withdrawal of HCI for collapse

Evesham debt reached ?6.8 million

It has emerged that the collapse of Evesham Technology left around £6.8 million in debt, with the channel being hit for well in excess of £1 million the firm’s administrators revealed on Friday.

According to the administrators, DTE Leonard Curtis, it has received claims in excess of £3.2 million, with it warning both customers, employees and other non-secured creditors that they have no chance of a payout due to there being no "surplus funds" remaining.

Amongst those in the channel affected by the manufacturer’s collapse are Microsoft, AMD, Avnet, Ingram Micro, Western Digital and Computer 2000. According to the DTC’s report, Ingram Micro is owed £48,000 while Computer 2000 is owed £86,000.

However, Microsoft and AMD were among the worse channel partners affected with them being owed £800,000 and £340,000 respectively.

The report also went on to proportion a significant amount of blame upon the government’s withdrawal of the Home Computing Initiative (HCI) scheme.

"The unexpected end to the HCI scheme put tremendous pressure on [Evesham] Technology’s resources and despite diversifying into new markets and establishing many new areas of business it was impossible to fill the enormous gap in turnover [£30m for 2007] left by the demise of HCI," said the report.

"Losses accrued to such an extent culminating in the withdrawal of suppliers credit insurance such that the company sought professional help from insolvency and recovery specialists."

Check Also

Netgear launches Nighthawk Pro gaming XR1000 WiFi router

NETGEAR, Inc. has released its new Nighthawk Pro Gaming XR1000 WiFi 6 AX5400 router. This …