Leeds-based VAR IT Solutions GB has become the latest victim of unforgiving channel conditions after parent company Aquilo entered it into administration.
Insurance services giant Aquilo, which was looking to sell IT Solutions after buying it for £1.5m last June, revealed in a recent trading statement that the reseller could not continue trading and appointed KPMG as receiver on Thursday 30 August.
“The board has reluctantly concluded that IT Solutions cannot continue trading,” the statement said.
The insurance specialist, which partnered with vendors such as HP and IBM, had been struggling with credit and staffing issues, according to onlookers.
However, it is believed several firms will vie to snap up IT Solutions’ assets, mirroring recent events at VARs Evesham and HKW.
Mark Ancell, head of intelligence at Graydon UK, said: “It is likely the trading assets will be sold from administration very quickly.”
Andy Dow, commercial director at broadliner Westcoast, said: “The market is extremely tough and there is an increasing volume of dealers falling foul at the moment.”
Probrand grabs HKW from administration