Quadrant Visual Solutions goes into liquidation
Delayed projects and lack of funding kills veteran channel firm
Quadrant Visual Solutions (QVS) has shut up shop after 25 years in business, having succumbed to the oldest business-killer of all: it ran out of cash.
The Derbyshire-based AV integrator and IT reseller ceased trading on 7 June and a credit meeting has been called for the 28 June.
Former XMA IT Solutions director and QVS director Tim Beech said his firm fell due to weak trading months in the spring and finance deals that did not come to fruition.
"We had no option at the end, it is very disappointing. Thirty-three people lost their jobs and a number of suppliers were let down," he told The Channel.
Andrew Corden, director at insolvency practitioner Elwell Watchorn & Saxton (EWS), confirmed it is handling the case, which looks to be a straightforward liquidation.
"They had a very strong forward-order book but at the turn of this [fiscal] year some contracts were pushed back and the cash flow situation got severe," he said.
QVS, incorporated in 1988 according to Companies House, was also run by another ex-XMA director, Ash Merchant.
In the last set of accounts to 31 March 2012, QVS posted a pre-tax loss of £451,000 compared to a pre-tax profit of £55,000 the year earlier. Sales fell to £7.1m from £7.7m.
Corden said there are no buyers for the complete business, but he had received some expressions of interest from third parties.
The creditors' report is not yet available. ®