Summit fails to surmount financial woes

Sheffield-based reseller Summit Technology has gone into administrative receivership.

Sheffield-based reseller Summit Technology has gone into administrative receivership.

The company, which has been trading for about 12 years, called in the receivers on 8 May. A total of 25 people have been made redundant.

Sheffield-based accountancy and insolvency specialist Hacker Young has been appointed as official receiver. Peter Kubic, manager at Hacker Young, told Computer Reseller News that Summit Technology continued to trade but under another name.

"The receivers have granted a licence to a firm called ADM Premier to continue running Summit Technology in the interim period to ensure some of the debts are paid back to creditors," Kubic said.

He added that Hacker Young is hoping to find a purchaser for the remaining assets, the business or the firm as a whole, and had heard from several interested parties.

An industry expert said it was a "shame that an established business such as Summit has seen its fortune decline".

ADM Premier was unavailable for comment.