Garingdell goes titsup, resurfaces as Maypace
Rescue package leaves creditors out of pocket
Failing IT reseller Garingdell Systems has been bought out of administration by a group of investors who will resurrect its business as Maypace Systems. The surprise move follows the collapse into administration by Berkshire-based Garingdell last month after 20 years in business and with debts estimated to run into seven figures.
The sale of the firm's business is great news for its 36 workers, all of whom are expected to keep their jobs, but cold comfort for creditors who are unlikely to recoup any of the money owed to them. Major creditors include Computacenter Distribution, ETC, Ingram Micro, Computer 2000 and Dell, CRN UK reports.
Watford-based accountancy firm Moore Stephens was appointed as joint administrators of Garingdell late last month, shortly before the Maypace Systems make-over. In a statement, Moore Stephens said: "The administrators have successfully implemented a restructuring strategy which involved a going-concern sale of the company's business to a third party investor."
Moore Stephens declined to discuss the problems with Garingdell business that pushed it into administration. ®