Feeds

Micro Anvika goes titsup after Olympics fails to save its shops

Calls in the receivers, keeps biz open in bid to sell it as going concern

Security for virtualized datacentres

The directors at Tottenham Court Road outfit Micro Anvika have called in the administrators after more than 28 years in business, The Channel can reveal.

The firm appointed IP and business advisor Re10 on 17 September but continues to trade out of its three premises - two on TCR and one in Newcastle - albeit with fewer staff.

Gary Rupping, manager at Re10, confirmed it is talking to several interested parties about offloading the business "as a going concern".

"The directors didn't want to go down this road [of administration]. It took more than 25 years to build this business, they have significant emotional investment in it, not to mention financial," said Rupping.

The recession, costly overheads and the migration of shoppers from the traditional model to the online world were primarily to blame for Micro Anvika's troubles, said Re10.

"The final nail in the coffin was the Olympics - the directors expected an uptick [in store footfall] but that didn't happen," said Rupping.

He revealed that some of the 50 staff employed by the retailer had already been made redundant, but was unable to confirm numbers.

The writing was on the wall for Micro Anvika last November when credit insurers, nervous about the lacklustre retail sector, removed lines, forcing the retailer to trade with suppliers on a cash-with-order basis.

Micro Anvika's management then called in Re10 last Christmas; the advisor then proposed a company voluntary arrangement (CVA) rather than the last resort - administration.

The CVA was approved in May after Micro Anvika shuttered more than half its stores and made redundant over 60 per cent of the 140-strong workforce in a bid to prove it could regain economic viability.

As part of the CVA, creditors were offered a 32 pence-on-the-pound offer on debts totalling £2.7m to be paid back over five years. The CVA terms ended once Micro Anvika entered administration. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Big Content outs piracy hotbeds: São Paulo, Beijing ... TORONTO?
MPAA calls Canadians a bunch of bootlegging movie thieves
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
Hungary's internet tax cannot be allowed to set a precedent, says EC
More protests planned against giga-tariff for Tuesday evening
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The hidden costs of self-signed SSL certificates
Exploring the true TCO for self-signed SSL certificates, including a side-by-side comparison of a self-signed architecture versus working with a third-party SSL vendor.