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Memsolve bounces back after Customs raid

Innocent victim, company says

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Memsolve, the Widnes-based components distie, is trading as usual, following a raid by HM Customs & Excise. Customs officials were joined by Intel and Microsoft representatives in the raiding party on 4 November. VAT-related paperwork, and a small quantity of CPUs -- "less than 20", according to Memsolve -- were taken away for further inspection. Chris Walmsely, Memsolve marketing director, said the company was an innocent victim. It had been drawn into Customs investigations concerning VAT fraud allegedly committed by a British-based supplier of Memsolve. Three weeks ago, Customs officials raided a computer parts supplier -- no longer trading -- in the North West of England. In the immediate aftermath of the raid, debt insurer Trade Indemnity withdrew new cover for Memsolve creditors. The decision was a kneejerk reaction and based on false rumours, according to Walmesley. "We have a strong positive cash flow and our bank is one hundred per cent behind us," he said. The company completed a record week of trading last week, even though it shut down on Wednesday (the day of the raid), he said. ® Click for more stories Click for story index

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