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11 Jan 2010
VAR Quadnet has been forced to sell off its hardware division after funding shortfalls left it struggling to cover its operating costs.
Zubair Aleem, managing director of Quadnet, said the firm had been left floundering by a lack of support from suppliers, leading to a sell-off of its hardware operations to Genisys Enterprises.
Aleem said: “Our credit lines have been squeezed and, for a business that needs to turn over £7m a year just to stand still, it has made things very difficult.”
Further reading
The company struggled to raise finance by other means, explained Aleem, making a downsizing of its operations essential to continue trading.
The move has led to five redundancies at Quadnet, which now plans to re-establish itself as a services specialist.
“The focus of the company is on targeting smaller, mid-sized customers and building our reputation as a service-led company,” said Aleem.
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