TMB goes into voluntary liquidation

Declining market sweeps away another reseller

Declining market conditions have caused the demise of established hardware and software reseller TMB Computer Services and its related company TMBe.

The two businesses, which were set up 18 years ago, instructed chartered accountant Buchanans to place both in voluntary liquidation and act as receiver. According to Buchanans, TMB's latest financial results revealed turnover of about £5m, with debts of £1.2m.

Tony Stemp, managing director of TMB and TMBe, said in a statement: "We have been driving for growth because we felt that we needed critical mass for a successful business model. Although we had achieved some of our objectives, it has been at too high a cost."

Peter Whalley, director in charge of business recovery and insolvency at Buchanans, said that losses had "accelerated sharply" over the past three months because of "increased overhead costs that were not matched by the anticipated growth in turnover and margins".

He confirmed that all staff had been made redundant.