Sphinx CST has been hit for more than half a million pounds following the collapse into liquidation of IBM reseller Camborn International Systems, it emerged last week.
The distributor lost just over £532,000 when the Knutsford, Cheshire reseller went into liquidation last month. Other creditors include IBM UK (£172,000), Lombard NatWest Discounting (£49,000) and NatWest Bank (£89,000). Altogether, Camborn owed a total of just over £1m.
In a report compiled by liquidator Downham, Train and Epstein (DTE), Camborn's difficulties began in 1998 when it posted a pre-tax loss of £48,000 after making a profit of £64,000 in 1997. Its losses had grown to £160,000 by August this year, as turnover almost halved to £2.5m.
The reseller began trading in 1992, initially brokering second-hand hardware.
It was appointed an IBM Business Partner in 1995, selling the vendor's mainframes and peripherals.
However, several attempts to diversify into services and consultancy, and to establish a sales office in the south of England, were unsuccessful.
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