Leeds-based systems reseller Holdene Group is set to be bought out of receivership by another Var after one of the biggest computer dealership collapses ever in the UK.
Despite its turnover of u14 million, the Compaq, Hewlett Packard and Microsoft systems specialist reseller entered administrative receivership on June 24 when Price Waterhouse began the search for a buyer.
Sources said Compel made a bid for Holdene but a better offer from another unnamed Var - believed to be part of a telecoms company with four UK offices - is likely to be accepted.
Holdene has consolidated recently, according to one source. 'They have been in trouble for a while, looking for investment. One of the staff told me the workforce is really unhappy at the way they have been treated.'
A second source said: 'The arrival of a receiver there has been imminent for some time, but no one wanted to rescue them at first.'
Jeff Naylor, senior administrator at Price Waterhouse, said Holdene's directors - Peter Holt, MD Jim Jackson and non-executive chairman RJ Watchman - suffered unexpected losses for the year to March 31 1996. 'They were trying to sell the company. The people interested were not sufficiently interested to purchase the shares, so the directors were unable to get the additional funding necessary.'
Matthew Wilde, joint administrative receiver at Price Waterhouse, said: 'I cannot confirm or deny that Compel or any other company has bid. But we have had a high level of response and we are confident that we will be able to salvage the business.' The sale is thought to be imminent.
Holdene had 300 creditors including Cognos, Compaq, Dell, HP, Microsoft and Toshiba.
Lantec's US parent Elcom International will announce restructuring this week to prepare the firm for acquisition of a rival Var. Sources expect Elcom to buy a networking company following its UK buyout of AMA (PC Dealer, 28 February).
Infrastructure provider says international sales now make up 51 per cent of its revenue
Suzanne Chappell of TMS plans sailing venture after selling Oxfordshire-based TMS to acquisitive Chess
Withdrawal of credit insurance by some providers a 'reflection' of current challenge facing IT sector, according to MD Steve Soper
SMART's UK managing director joins Lenovo to boost SMB business