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Memsolve calls in receiver

Creditors fail to come up with rescue package

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Memsolve today resigned itself to the official appointment of administrative receivers from BDO Stoy Hayward. Dermot Power and Charles Macmillan went into the Widnes, Lancashire-based components distributor after the company admitted it owed around £4 million earlier this week (see earlier story). Power, a BDO Stoy Hayward corporate recovery partner, commented: "It is disappointing that such a forward-looking company should have such problems. Strenuous efforts were made to preserve the company in its entirety. We are currently exploring all possible avenues for the protection of employment and the survival of the economic parts of the business." Last week, the company was forced to lay off around a third of its 65-strong staff. Chris Walmsley, Memsolve's sales and marketing manager, pinned his hopes on a rescue package involving creditors' co-operation. But he commented that the company had been suffering from chronic cashflow problems since a Customs & Excise raid last year. ®

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