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Dixons court case postponed until year 2000

Founder of PC World facing six year old writ

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Internet Security Threat Report 2014

Dixons’ court case against the founder of PC World - for allegedly misrepresenting financial performance around the time of its sale six years ago - has been postponed until the year 2000. Some might argue that Dixons got a bargain when it paid £8.5 million for the PC World retail chain back in February 1993. But Jan Murray-Obodynski - for he it was that set up PC World - was issued with a writ by Dixons in November 1993, claiming breach of contract. The case was originally due to be heard on 1 March, but has now been put off to next January, according to Dixons’ solicitors, Titmuss Sainer & Webb. In the writ, Dixons also claimed damages and interest. Part of the purchase price was dependent on accounts from August 1992 to February 1993. According to Murray, Dixons bought PC World after seeing accounts up until the year ending August 1992. These were understood to show £400,000 pre-tax profit on sales of £49.3 million. At the time of the sale, the accounts for the half-year were not ready, so Dixons itself prepared the accounts. Murray told Computergram that the auditors would not approve the accounts after they had been prepared by Dixons. Speaking to the Mail on Sunday before he received the writ, Murray said in his defence: "Dixons was buying a concept. With the benefit of hindsight we would not have sold the company for £8.5 million. I would be happy to buy it back now for that sum." ®

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