Wakebourne future uncertain as firm falls into hands of receiver

Troubled reseller and maintenance group Wakebourne finally collapsed into adminis- trative receivership last week.

Ernst & Young was called in on Thursday 22 May, just one week after Wakebourne?s shares were suspended on the UK Stock Exchange (PC Dealer 21 May).

Jason Elles and Graham Ritchie, joint administrative receivers and partners at the accountancy firm, were locked in a meeting with Wakebourne directors on Friday discussing the terms of the receivership.

It is not known what caused the firm?s downfall ? whether Wakebourne?s bank, The Bank of Scotland, appointed the receiver, or whether its potential buyer dropped out. One source said: ?After all, it?s cheaper to buy something from the receiver rather than as a going concern.?

Wakebourne made a pre-tax loss of #3.3 million on sales of #36.7 million in the year to December 1995.