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.®