TimeUK mounts $22m Evesham bail-out
TimeUK buys time
Updated Troubled British PC maker Evesham Technology has been thrown a $22m lifeline by TimeUK founder, Tahir Mohsan. Evesham, which blamed the closure of the government-backed Home Computing Initiative (HCI) for landing it in financial hot water, said most of its stores will close under the restructure.
The Evesham-based firm has 16 stores throughout the UK. It said the interim investment from Dubai-based PCC Technology, which is headed by Mohsan, will allow Evesham to focus on pushing direct and channel sales as it attempts to balance the books and regain its footing in the beleaguered home-grown computer industry.
Richard Austin, founder and chairman at Evesham, said in a statement: "We would like to reassure all of our customers that they will continue to receive support from the same Evesham staff and that their existing warranties will continue to be handled with Evesham's award winning service, as before".
As we reported earlier in the week, Companies House documents revealed that Austin had been in advanced talks with TimeUK pair, Mohsan and his business partner Tariq Mohammed.
Austin was made director of a newly-formed company named Geemore Technology on 20 July which listed the same office address as Evesham in Vale Park, Worcestershire. The Elite Logo Company, a dormant business owned by TimeUK founders Tahir Mohsan and Tariq Mohammed, was registered as secretary of the new firm.
Mohsan said in a statement today: "By funding this restructuring, we intend to allow Evesham to continue delivering excellent products and services to its customers, so it's business as usual."
One Evesham employee has been in touch with us to report that a majority of the staff has been laid off and asked to leave the premises. No-one at Evesham was available to comment.®
Perhaps because the Evesham "brand"-its staff-are one of the most passionate and caring lot it's been the pleasure for many customers to use, perhaps its because the techies know their stuff, perhaps because Richard built up what he did in a less dishonest way than most, perhaps that's why everyone is sullying your byte size world with raw and sad and bad and ugly emotions-
no doubt the ex staff and staff will eventually all get jobs and this will die down-but you can't just smother a life that had spark, vigour and a touch of class just because half the team (and it's still a team) lwere sacrificed fo rthe good of the company.
Mr Austin was genuinely gutted at what he had to do, whatever the reason for having to do it-we came this close to everyone loosing their jobs so please, give the guy a break even if all you want to do today is break his kneck-it'll pass, just like the floods.
Wow you ARE narrowminded...
Whilst I don't agree with people trying to make personal statements on here, I do believe that these people are fully entitled to express their opinions and the way that they have been treated, especially in light of the fact that Evesham practically tried to cover up the whole "we've gone into administration" thing and shafted hundreds of staff in the process.
Whether you believed Evesham were a 2nd rate manufacturer or not is neither here nor there - Evesham won the awards on a yearly / monthly basis.
Yes the staff were part of that failiure purely because they worked at Evesham, that doesn't make them failiures however - you should be ashamed of your tactless comments when trying to tar all that worked for Evesham with the same brush.
There were a hell of a lot of good staff at Evesham, and if you believe that they offloaded their UK workforce in favor of "offshore resources" then you really don't have a clue and I hope your decision to post under your real name and show how narrow minded you are, raises a few eyebrows with your employers.
this is ridiculous
I really must say, I have been reading the Reg for quite some time now, but never needed to make a comment as most things that needed to be said had already been said.
Unfortunately though, this sorry story has forced me to register and voice my opinion.
Basically, I come here to read articles on IT and new technology. From time to time I read the other non-IT related stuff as an aside (however it is worrying about how much non-IT stuff is being published here now). So I took a look at this story concerning Evesham going, apparently, bust. I thought that this may be an interesting way for my company to pick up a whole load of IT resource at a cut price/quickly - how wrong could I be....
Never before have I seen a site like the Register stoop so low as to allow this sort of nonsense to take place. This is awash with people using this good site as a soapbox to air their greivances with Evesham management as well as people circling like vultures trying to drop recruitment ads for ex-employees. This is shameful.
Lets put this into perspective, Evesham were a second rate computer maker, thats it. They didnt do that very well either - hence the UK staff being released in favour of offshore resources. They spammed quite a lot and the service was pretty shoddy (I used to work for a company that got a quote from Evesham once, we didnt accept). The register isnt a chat forum or job board, the comments left here should have analysed the collapse of Evesham and nothing more. I also noted that once someone had commented similar views, s/he was shouted down by an recently unemployed Evesham cultist. Evesham were pretty bad at what they did, and the staff working there were a large part of that bad business, so if I were you I wouldnt be shouting about how good they were on a site as popular as this.
Also, the comment made by the Reg staffer concerning the ability to be anonymous here - it doesnt apply. These people are trying to organise a protest against Evesham management, why would they post anonymously here for that? Granted, I can understand why you cant have names and phone numbers etc in the posts, but the names they post under would be invaluable. It only goes to show that the person making all the anonymous posts is indeed jobless, and not putting their time to good use by using it to get another job, but instead google people who disagree on here!!
Shame on you Register, and shame on you Evesham people.
Evesham failed, and you were a huge part of that failiure.