Mystery surrounds Watford Electronics buy out

 

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By Barry Collins

Posted on 7 Feb 2007 at 18:28

Watford Electronics - the company behind Savastore.com and 'free PC' ISP Redten Internet - has been taken over by a group of unnamed backers.

A statement released this afternoon reads: 'Globally Ltd announced today the purchase of the business of Watford Electronics Ltd, including leading online etail website, Savastore.com.'

The Companies House database reveals that Globally Ltd was set up just two days ago and trades from the same address as Redten. 'Globally is effectively a management buy out of Watford. It also includes external investors, but I'm not at liberty to name them,' a spokesman for Globally told PC Pro. He also refused to divulge names of any Globally Ltd board members. The involvement of former Watford managing director, Shiraz Jezza, in Globally Ltd is 'not confirmed, but he may assist in an advisory capacity,' the spokesman said.

The new deal appears to cut adrift Redten Internet, the Watford subsidiary that was set up last year, offering a 'free PC' to customers who signed up for three years of broadband service. 'Globally bought out certain elements of Watford, but not Redten. It [Redten] is a separate legal entity,' the Globally spokesman said. He also claimed, 'Redten Internet isn't going out of business.'

At the time of going to press, Redten Internet's website was still proudly proclaiming 'Redten Internet is part of the Watford Electronics Group of companies' in its company history section.

The company statement claims Watford customers will not be 'left out to dry'. 'At the moment our primary concern is for the well-being and care of all existing Watford Electronics' customers. We will do everything we can to support current warranty and service agreements, and do everything within our power to ensure customers are kept informed of developments.'

Watford Electronics also bought out the brands and assets of defunct PC manufacturers Time and Tiny in 2005.