Indebted VARs linked to former Sun distributor Nexpress Group, which went into administration in December, could still be left out of pocket, despite several offers for a complete purchase of the company assets, CRN has learned.
Administrator Vantis has appointed property consultancy firm King Sturge to find buyers for more than £500,000 worth of computer equipment, such as servers and mainframes, and it said over £20,000 worth of kit was sold in the opening days of its administration.
Earlier this month Bob Bailey, joint administrator and partner at Vantis, told CRN the chances of creditors getting their money or stock back were extremely low (CRN, 9 January). He also said that since then there has been interest in Nexpress’ complete assets.
“People are interested in all aspects of the company. However, the majority of interest is in the stock, and in the next four to six weeks we expect all of it to be sold.
“It’s hard to say how long a sale of the business would take, but if after 10 to 14 days no-one has come forward then it’s unlikely they will,” he said.
Gary Harper, senior associate at King Sturge, said: “If we are able to conclude complete asset sale negotiations then things will complete very quickly, if not we’ll break it up piece-by-piece over about eight weeks.
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