UPDATED: Evesham in administration
By Barry Collins
Posted on 6 Aug 2007 at 15:24
Uncertainty surrounds the future of Evesham Technology after the company was placed into administration - on the same day that its MD announced a £10m rescue package.
Evesham sent out a press release on Friday afternoon claiming it had secured funding to allow it to continue trading from a company called PCC Technology, run by the former founder of Time Computers, Tahir Mohsan.
This afternoon, officials from DTE Leonard Curtis confirmed that Evesham had also gone into administration on Friday.
That confirmation was followed swiftly by a statement from Evesham's managing director, Richard Austin, who claims: "It's no secret that Evesham Technology has been going through some financial difficulties, having not been able to replace lost revenue of £30 million which was wiped off of the company's turnover following the decision made by the Government to axe the HCI (Home Computer Initiative) at short notice.
"The Evesham Technology brand has received an investment of $22 million from well known investor in the industry, Tahir Mohsan of PCC Technology, who recognised the potential of the Evesham brand and the popularity of its products."
Mohsan's former partner at Time, Dr Tariq Mohammed, and Austin, both formed a company called GeeMore Technology on July 20. "The company now known as GeeMore Technology Ltd will continue trading as Evesham Technology. As it stands 138 people are still employed here at Evesham."
Austin says he regrets the loss of 150 "loyal and hardworking" staff. "Many of the staff had worked for Evesham Technology for a number of years and so it is a sad loss to the Evesham Technology family, and to me personally. I have built this company from nothing over a 24 year period and only wish we could have avoided this situation."
Austin's statement is a far cry from the one he issued on Friday, claiming it would be business as normal. "We would like to reassure all of our customers that they will continue to receive support from the same Evesham staff and that their existing warranties will continue to be handled with Evesham's award winning service, as before," Austin claimed in the press release. Austin continues to insist warranties will be honoured.
The administrator claims that there's nothing specifically untoward about the chain of events. "Just because a company goes into administration, it doesn't mean it can't be involved in a buy-out."
Neither Mr Austin or Mr Mohsan could be contacted at the time of publication, despite repeated requests for comment over the past three days.
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