Panrix boss starts plugging new Panrix business
He's nearly bought the old one out of administration
The former MD of insolvent system builder Panrix is advertising his new business on the website of his old company. And he's promising all his creditors will be paid.
Gulberg Panesar's latest venture is called Panrix Technologies - which is not a major leap away from his old business. The statement on Panrix's website says: "May 21st sees the launch of Panrix Technologies. Encompassing all the Panrix product range and introducing exciting NEW technology based products."
The exciting new technologies will include satellite navigation.
There are several things that are interesting about this. Panesar says he is buying his old business out of administration, but the deal hasn't been completed yet and so the original Panrix is still in administration. This means Panesar is not running Panrix at the moment - that job is being done by administrators Wilson Pitts. And Philip Deyes, who is handling the Panrix business for accountants Wilson Pitts, knew nothing about the new company advertising on the old Panrix site when we talked to him yesterday.
We can't say whether he was happy about the situation. However, Deyes could confirm the sale of Panrix was going through, and is expected to be completed later this week or early next week. He wouldn't say if it is Panesar who's behind the acquisition, but who else would be interested. And CRN has quoted Julian Pitts, a partner with Wilson Pitts, saying Panesar's offer has been accepted and that documentation was just waiting to be signed.
What may, or may not, put Panrix creditors minds at ease is that Panesar has promised all of them will be paid. They don't know they will yet, but CRN quotes Julian Pitts saying Panesar's offer "was the most beneficial in the interest of Panrix's creditors." Which doesn't sound exactly like a full settlement of all debts, but maybe it's better than nothing.
Panrix customers may be pleased to hear that all warranties will be honoured by this new business.
Panesar wouldn't tell The Reg who his backers are, except that they are rich people. His plan is to be bigger than Mesh and Evesham. He is taking a broad role in his new business: "I'm the guy who opens the doors in the morning, and I'm the guy who sweeps the floors when everyone's gone," he said. ®
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