Jobs go in Greenock
Cash runs out for computer reseller Misco
Computer reseller Misco UK has ceased trading and almost all the company’s 330 UK staff have been made redundant. It is thought 80 jobs in Greenock will be among those lost.
Misco UK forms part of Misco Europe, which continues to trade with operations in Italy, Spain, Netherlands and Sweden.
Geoff Rowley, Tom MacLennan and John Lowe, partners at FRP Advisory, the business advisory firm, have been appointed as joint administrators.
About 30 staff being retained at the Wellingborough headquarters and the Greenock warehouse to help the administrators manage the process of realising the company’s assets in the interests of creditors. The company also has operations in Weybridge in Surrey.
Despite an effective turnaround plan being in place to improve cash-flow, credit insurers significantly tightened their terms which put further pressure on working capital at a time when competition from other global online retailers began to increase.
As part of efforts to recapitalise the company, the directors launched a marketing process to protect the UK business as a going concern and engaged in constructive discussions.
But there were no firm offers, putting more pressure on cash-flow. Following the receipt of winding-up petition from HMRC, the company was forced to seek the protection of administration.
Mr Rowley said: “Our immediate priority as administrators is to work closely with all agencies and services to ensure employees receive every support and assistance at this time.”