Evesham Technology confirmed dead
End of the road for UK system builder
Evesham, the defunct British computer maker, has been dissolved following a lengthy administration.
A Companies’ House document has revealed that Evesham Technology Ltd, Evesham Technology Holdings Ltd, and Mertec Evesham Technology Ltd moved from administration to dissolution status on 30 January 2009.
"All assets of the companies have now been realised." according to the report penned by DTE Leonard Curtis joint administrators JM Titley and A Poxon.
The administrators had tried to recover assets from a “motor racing car” understood to belong to Evesham Technology’s previous owner, Richard Austin. But they were unable to secure an appropriate buyer.
“After an initial review of the asset was completed, an offer was received that was pursued by the administrators,” reads the report.
“Unfortunately a sale was not completed and our agents advised that the costs involved uplifting the vehicle outweighed any likely realisations from a forced sale scenario. Subsequently the asset has been abandoned."
Administrators pulled in a small sum of money from a company Evesham Technology had previously invested in.
It said £1,000 was expected to imminently arrive from Bentley Jennison Business Solution Ltd, in which Evesham Technology held a 10 per cent stake. DTE noted that it was unable to raise value from shares in the firm that is now known as RSM Bentley Jennison, because it "is currently not profitable at this time".
Claims from employees for unpaid wages are being dealt with by the Redundancy Payments Office, which has received a “preferential claim in the sum of £62,685.76".
But there was no money to pay out to preferential creditors due to "insufficient funds," which probably explains why the firm has been dissolved rather than shifted to voluntary liquidation.
Time UK founder Tahir Mohsan's Dubai-based outfit PCC Technology, which on 1 August 2007 mounted an apparent $22m (£11m) rescue package for Evesham Technology just 48 hours before it went into administration, has already been paid £4.1m from the sale of the land and buildings.