Portable wins eXpansys backing
Distributor emerges from administration with financing from online retailer
Distributor Portable has successfully emerged from administration following a creditors' meeting last week.
The firm entered administration earlier this month, citing tough trading conditions. Creditors voted unanimously to sell the distributor's assets to a new company, Expo Mobile.
Financing was gained from wireless online retailer eXpansys. The new firm will begin trading immediately under Portable's original brand, Portable Add-Ons.
"This is very positive news. EXpansys is a shareholder, but the two firms will remain independent," said Steve Muttram, managing director of Portable.
Administrator David Oprey, of Chantrey Vellacott DFK, declined to say how much was paid for the business but sources said the amount was "respectable".
Roger Butterworth, managing director of eXpansys, told CRN: "EXpansys has developed an ad-hoc distribution business over the past few years, but in fairness we are not a distributor. We are a financial backer to a business partly owned by Steve [Muttram].
"Trade customers will be moved over to Portable. There will be no conflict; the businesses will be utterly separate."
Portable and eXpansys will share the same logistics operation, provided by a third firm, logeXsys, which is part of the eXpansys group. Some back-office functions will be shared.