Published: 24th June 2009
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.
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.