Evesham collapsed owing millions

 

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Posted on 12 Oct 2007 at 15:27

Evesham Technology collapsed with debts of almost £7 million, according to the PC maker's administrators.

Evesham Technology went into administration in August, before the brand was bought out by a new company called Geemore Technology. Geemore is run by Evesham MD Richard Austin and funded by Time Computers founder Tahir Mohsan.

The company collapsed owing several hundreds of thousands of pounds to some of the industry's biggest names, including Microsoft and AMD - which might explain why the latter told PC Pro that it will have no dealings with the new Evesham.

Richard Austin also had an overdrawn director's loan account of £650,000 at the time of the company's collapse. The administrator's report claims that "an analysis of Richard Austin's personal assets and wealth was undertaken and £150,000 was accepted in settlement of his outstanding liability to the company on the condition that, in the event investigations indicate Mr Austin had additional assets, further recoveries can be made."

Mr Austin couldn't be contacted for comment.

Money owed

In total, the creditors report claims Evesham Technology, Evesham Technology Holdings and Mertec Evesham Technology left outstanding debts of £6.78m. The administrator, DTE Leonard Curtis, has received claims from creditors in excess of £3.6m but, according to the report, the chances of them seeing their money are almost non-existent. "I do not anticipate that there will be surplus funds available to unsecured non-preferential creditors," the administrator claims.

Outstanding Evesham creditors include:

AMD - £342,156
Avnet Technology Solutions - £720, 230
Logitech Europe - £39, 922
Microsoft Licensing - £837,746
Mitac - £492,237
Viewsonic - £549, 147

The list of outstanding creditors runs to hundreds of companies and individuals.

Click here to read our Q&A with Evesham MD Richard Austin.

Author: Barry Collins