Mipac, the veteran Lancashire dealership, is being sold piecemeal after calling in the receivers. The company will be wound down on completion of the sell-off.
Paul Keeley of insolvency practitioner Leonard Curtis said that buyers have already been confirmed for the #3 million reseller's hardware maintenance and Tetra divisions.
Abingdon-based reseller Information Systems Networks has acquired Mipac's network support business and a handful of Platinum financial accounting software contracts to add to its 120-strong customer base.
Microdyamics, the Worcester-based Tetra reseller was expected to complete the acquisition of Mipac's Tetra contracts on Monday (13 December).
Keeley is also negotiating to sell off Mipac's Pegasus and Lotus Notes arms. He was confident that they would be sold as going concerns. Jobs would be found for some of Mipac's 35 staff, he said.
Keeley attributed Mipac's problems to an attempted management buyout in 1994. 'The failure of that saw the departure of key staff and significant loss of accounts in the network division,' he said.
'Mipac slumped from #3 million to #2 million following the walkout. It never recovered.'
ISN MD Bob Haacke said his company hopes to add up to #500,000 to its existing #3 million turnover.
ISN has taken on five Mipac staff and is to open a support office in the North West, joining its existing branches in Oxford, London and Leicester.
Peter Reynolds, MD at Microdynamics, said the Mipac Tetra acquisition would boost the company's Tetra base by 10 per cent to 330 contracts.
Mipac's sales had climbed back to #3 million when it called in the receivers, according to a press statement issued by Leonard Curtis. Mipac directors have yet to produce a statement of affairs, which details money owed to the trade.
The firm was founded in 1983 by Ross Barnett.
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