Dutch manufacturer Tulip Computers has plunged into administrationines are withdrawn. after its credit was withdrawn, leaving a cloud hanging over the future of the company's UK operation.
In a statement issued on 24 April, Tulip revealed that: 'Since the financial partner of Tulip Computers has cancelled the credit facilities, Tulip is no longer able to pay its creditors and therefore has had to apply for a suspension of payment, which has been granted today by the court of 's-Hertogenbosch'.
Mark Whiteman, sales director of P&I Data Services, was on site when the administrators were sent in: 'We had just finished sales training in the boardroom and came out to see a swarm of press and TV crews. I thought it was nice of them to be so interested in my sales team. I had absolutely no idea.'
Tony Underhill, financial director of Tulip UK, claimed: 'There's no problem in the UK. We have had a record quarter. Our warehouses are fully stocked and we have money in the bank.
'The company will continue to operate under the administrators.'
Neal Grayston, managing director of Tulip UK, added: 'The UK operation is trading profitably, and we intend to continue to support and supply UK resellers and distributors. Negotiations are going on in Holland at the moment with parties. There is going to be a solution.'
One of the parties rumoured to be in negotiations was the Dutch government.
Shaun Frohlich, chairman of Bytes Technology Group, said: 'It is a surprise.
I'm surprised it lasted this long and surprised it didn't sell out earlier.
Tulip has a fantastic factory and good assets. It makes it a good acquisition target.'
He added: 'It's sad to see the company go, but there's no room in the market for a player like Tulip anymore.'
The Dutch shareholders association, VEB, has already called for an investigation, following the sale of shares in the manufacturer two weeks ago by Tulip founder and chairman Franz Hetzenauer.
Hetzenauer reduced his stake in the company from eight per cent, to under five per cent.
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