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04 Jul 2001
Traxdata, a UK-based global vendor of digital media products, has gone into administrative receivership after financiers pulled the plug last week.
The independently owned company employed 200 staff at one time, but has now made all but six of them redundant. It is expected to leave debts of over £1m. Accountancy firm Grant Thornton has been brought in to evaluate the company's assets, but a liquidator has yet to be appointed.
A Grant Thornton representative said: "I can confirm that the company has gone into administrative receivership, and has made all but a skeleton staff redundant. Traxdata is continuing to trade, but all operations are being wound down as it clears remaining stock."
Further reading
Traxdata was set up in 1994 by Kevin Edwards and Graham Dent. It claimed to have grown "exponentially, year on year" since its launch and, at the time of collapse, its products were available in 94 countries.
The products were distributed in the UK by Ideal Hardware.
Traxdata joins a growing list of hardware manufacturers to have buckled under reduced margins and a faltering economy this year.
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