Teksys snaps up Integrated Options as receivers move in

Buyout Industry sources claim thin client reseller's debts are in excess of #750,000.

Beleaguered thin client reseller Integrated Options was bought lastxcess of #750,000. week by Surrey-based Teksys only two days after receivers were called in following a collapse which left a string of creditors.

Smith-Williamson was appointed administrative receiver on 6 July and Teksys snapped up the struggling reseller's customer base two days later.

Industry sources expected the reseller's debts to be in excess of #750,000.

Distributors that suffered from last week's events included C2000; Ingram Micro, thought to be owed about #100,000; and Ideal Hardware, owed #16,000.

CHS Electronics and Computacenter are also creditors.

Some of Integrated Options' creditors speculated C2000 could be owed between #25,000 and #500,000, but the German-owned distributor declined to comment.

C2000 also refused to comment on how a company with a #7 million turnover and net worth of #36,000 could run up so much credit.

David Clark, C2000 marketing director, stressed the company had carried out 'all the normal checks' before opening the line of credit.

The distributor declined to clarify whether Integrated Options managing director Andrew Travers' connections with C2000 had influenced its behaviour.

Travers is an ex-C 2000 employee.

Financial statements for the 18 months ended 30 September 1997 showed profit after tax was about #15,000, compared with #24,000 for the previous year. Directors' remuneration was just over #234,000, compared with #107,000 for 1996.

One industry source expressed surprise over the speed of the sale: 'I was shocked by how fast such a reseller could go under and how it could be bought so quickly.'

But Brian Pearce, senior consultant at IDC France, saw nothing unusual in the speed of the sale: 'It's a good time to buy a company - when it's weak, providing Teksys had a good look at the financial state.'

Teksys will keep less than half of the 30 Integrated Options workforce.

Travers blamed Integrated Options' fall on 'lack of payment from creditors and bad financial advice', but declined to comment further.