Struggling systems manufacturer Carrera has finally been partially sold under an agency agreement. The deal was signed with Birmingham-based reseller Digital Networks on 27 October.
Pannel Kerr Forster (PKF), administrator for the company, confirmed the deal had been signed, but declined to comment on the financial details.
Nitin Joshi, director at PKF, said: "We were looking for a candidate who could do a 'warranty work-out' programme and cause minimum disruption to customers during the transition period."
Steven Goderski, senior manager at PKF, said that under the agreement all the tangible assets of Carrera were sold on an invoice basis. He confirmed that Digital Networks signed to act on an agency basis, collecting debts on behalf of the creditors. He also said that "when the existing warranties had eventually run out, Carrera would go into liquidation".
Carrera refused to comment on the sale. However, a representative said: "Staff have now been brought in and the company is now running as Carrera SSC."
Spurned acquisition hopeful Mesh, which was at one point the front runner in the negotiations, has revealed why the deal broke down. John Hendrick, marketing manager at Mesh, said: "We were walking alongside [Carrera] and were in communications with the receivers. We came to an agreement on the amount of money, and had an indication of the level of liability we would be taking on, and this is what we progressed on."
"When we got close to signing a deal the receivers wanted more money, and informed us that the level of liability was substantially higher. On two fronts the facts were incorrect. The goal posts were effectively moved," he added.
No apparent reason was given for the breakdown, and Hendrick called it an "unworkable situation."
"Our greatest concern was our good reputation for customer service, which we would have been unable to guarantee with the level of liability involved," he said.
A Digital Networks representative was unavailable for comment.
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