Data communications supplier Distributed Micro Storage Technologies (DMST) has become the latest distributor to go into voluntary liquidation. The company had turnover of £8m in 1999, but this had fallen to £6m by the end of 2000.
Pat Harvey, managing director at DMST, and an IT veteran for over 30 years, said: "This is the hardest the industry has been in my time. As a company, I recognised the need to transform it into a value-added distributor but although the strategy was right, we couldn't meet our commitments."
Harvey admitted that customer warranties had yet to be sorted out. The remaining 11 employees have been made redundant. Until recently, DMST, which was founded in 1988, employed 28 people. Pat Harvey and co-managing director Simon Thompson bought it in 1991.
Insolvency specialist Baker Tilley is handling the liquidation. Mark Wilson, partner for business recovery at Baker Tilley, said that the company officially stopped trading at the beginning of this month and a meeting of creditors is scheduled for 20 February.
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