Confidential Advice Line: 0800 063 9221

Celltec Placed Into Administration

Administration

| June 24th 2009

More News by David Abbott

Whitfield-based Celltec Limited has been placed into administration after it ran into financial trouble after a large bad debt caused by a fraud.

Begbies Traynor partner Paul Stanley has been appointed administrator to the company which was founded in 2000 and supplies IT hardware from laptops to spare parts, and through its network of suppliers sources products from the likes of Apple, Canon, Compaq, IBM and Dell. He is now seeking a buyer for the £30 m turnover business.

Paul Stanley said:

"The business had been trading profitably until it fell victim to a fraud last year which cost it several hundred thousand pounds.

"There has also been a general downturn in the market, so there is a credit crunch element too."

Mr Stanley said the 40 people working in the business had been paid to the end of the month, and were directly employed by parent company Celltec Holdings - which is not in administration.


About the author

David Abbott

Partner

Meet our Team of Experts

David joined Begbies Traynor in 2004 originally working in one of their regional offices.  In 2006 he moved to the London office to help set up a specialist team focusing on creditor side assignments in the guise of Independent Business Reviews and Independent Solvency Reviews.  David has 18 years’ experience in the accounting profession and prior to joining Begbies Traynor has worked in a number of Top 50 London based partnerships.

As well as business reviews and independent solvency reviews, hands on turnaround assignments have also been one of David’s main focuses. This has generally been in support of high street clearing banks.

48 Regional UK Offices

Find your local Begbies Traynor office and speak to an adviser today.

Find your Local Office
0800 063 9221

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0800 464 0871

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0161 837 1700

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
Advice for businesses on EBTs after HMRC Supreme Court victory
Begbies Traynor currently advising numerous businesses
HMRC sends out follower notices to reclaim tax lost to Employee Benefit Trusts
Find out more →
 
Open Banking to Reshape the Alternative Finance Sector
CMA mandates the adoption of Open Banking by early 2018
Will see alternative lenders competing on a level playing field with dominant banks
Read more →
 
Join thousands of professionals by signing up for our updates
Analysis and Opinion from our Partners
Top Industry News
Register Now →
 

Advice you can trust

We are accredited by the following industry leading organisations

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ACCA (the Association of Chartered Certified Accountants) ICAS | The Institute of Chartered Accountants of Scotland

Contact the Begbies Traynor team

or Find your Nearest Office
Processing...