Apple reseller Eureka and Macay Technologies has received the go-ahead for a creditors' voluntary agreement (CVA) and confirmed the appointment of Pannell Kerr Foster and Morley-Scott as joint supervisors.
The meeting on 20 February was attended by creditors' representatives who accepted the proposal to pay 60p in the pound over a three-year period. The total debt amounted to £653,000.
John Alexander, partner at Pannell Kerr Foster and Peter Hughes-Holland, partner at Morley-Scott, will act as joint supervisors.
As exclusively reported in PC Dealer (4 February 1998), Eureka has encountered problems since it took over Leicester Computer Company and Peterborough Computer Systems in the summer. The reseller has also suffered from the general uncertainty surrounding Apple's future.
Tim Sommers, managing director of Eureka, said the company was profitable until June last year, when it took over the two resellers from the official receiver. At the time of acquisition, Sommers said seven parties were interested but after due diligence none were made offers. Sommers conceded that with hindsight 'alarm bells should have rung - they knew the market and the staff better than I did.'
In a statement, Sommers said: 'The directors are determined to see the company succeed. Clearly this is also the desire of trade suppliers. I am enormously grateful for their support.' He also pointed out that 'a number of suppliers had indicated their willingness to trade with the company'.
Hughes-Holland said: 'I am delighted with the verdict of the creditors.
With a fair wind, this arrangement should work.'
Alexander commented: 'I am delighted that creditors including Apple have approved this arrangement. The directors intend to make it work.
'This is just the type of business for which the CVA procedure was devised and I am pleased to recommend it to other dealers experiencing similar difficulties.'
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