Liquidator finds a DED end for Millbank
Distributor DED has bought the business and trade name of defunct rival, Millbank Computers.
Distributor DED has bought the business and trade name of defunct rival, Millbank Computers.
At last Wednesday's creditors' meeting, Mike Oldham at Pannell Kerr Forster (PKF), was confirmed as liquidator. Tim Mott, Millbank's largest shareholder, was present.
Nitin Joshi, director at PKF, refused to reveal the purchase price but said: "I am glad we sold the business to DED, also an electronic point of sale company."
Millbank's creditors and suppliers are thought to have been owed #300,000 and more than £50,000 was owed in tax and VAT.
Assets were less than £60,000 and unsecured creditors are unlikely to receive a dividend.
Mike Davis, managing director at DED, which has carried Star Micronics since 1983, said the timing "fits neatly with our current expansion of stores facilities".
- AJP Computers bought assets of Pico Direct, which fell into receivership last month, including its stock and spare parts. AJP will provide cover to Pico customers whose purchases fall under warranty.