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01 Jul 2009
Sub-distributor Celltec Limited has entered administration after being floored by a six-figure bad debt caused by a fraud.
Begbies Traynor was appointed administrator on 24 June after the Apple, Canon, Compaq, IBM and Dell distributor ran into financial trouble.
The Whitefield-based firm boasted a turnover of more than £30m.
Further reading
On its website, Begbies Traynor said Celltec’s 40 staff had been paid until the end of the month. They were employed directly by parent Celltec Holdings, which is not in administration.
Begbies Traynor partner Paul Stanley is seeking a buyer for the business.
"The business had been trading profitably until it fell victim to a fraud last year which cost it several hundred thousand pounds,” he said.
“There has also been a general downturn in the market, so there is a credit crunch element too.”
Eddie Pacey, director of credit at distributor Bell Micro, said: “This highlights that resellers really do need to be careful about who they trade with.”
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