Acquisitive Apple dealer Rapid Group has bought the assets of troubled Macintosh and design reseller CJ Graphics.
The purchase was unveiled just one day after parent company Floral Street's shares were suspended from AIM on 28 January while it looked for a buyer.
In January, Floral Street posted losses of #401,494 for the year ended 30 September 1998, despite selling DisplayCraft and Nucleus Creative Services during the year.
CJ Graphics had been its most profitable subsidiary but changes in Apple's channel strategy soured its relationship with the vendor and produced poor financial results. Floral Street expected little improvement and looked for other ways to capitalise on CJ Graphics' brand strength.
Aziz Punja, chief executive of CJ Graphics, said: 'It is perhaps no secret that we experienced a downturn in business during the latter part of 1998. This, combined with mounting back orders due to Apple's lack of product and the recent channel changes imposed by Apple, has really forced our hand.'
CJ Graphics had been looking for a buyer for several months but the deal only took a week to complete when Rapid Group expressed an interest.
Steve Rush, marketing director at Rapid Group, said: 'Our initial plans are the same as with every other troubled company we have acquired. We will run it exactly as it is and see what went wrong.'
Rapid is undaunted by the apparent problems CJ Graphics experienced with Apple, he added. 'We have a greater financial strength, so should not be affected by the same difficulties.'
Apple was unavailable for comment on the matter.
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