On Friday afternoon, Worcestershire-based UK system builder Evesham Technology went into administration. As a result, one hundred and fifty of Evesham’s workforce was made redundant, leaving just 138 employees working for the company.
Richard Austin, Evesham Technology’s Founder and Chairman, issued a statement this afternoon that placed blame on the company’s heavy involvement in the Government’s Home Computing Initiative, which was apparently axed at short notice.
According to Austin, this wiped around £30 million of revenue off Evesham’s turnover and “Other strong companies in the industry were hit hard by the demise of the HCI scheme. Many of these companies have not been fortunate enough to continue trading, resulting in the closure of many established UK companies and a loss of a number of jobs.”
What has given Evesham the funds required to restructure is under a new company GeeMore Technology Ltd, which will continue to trade under the Evesham Technology brand, is a $22 million investment from Dubai-based investment company PCC Technology. PCC is headed by ex-Time Computers honcho and well-known industry investor Tahir Mohsan.
In another statement, Mohsan expressed his confidence in the brand’s potential and said that he will be looking to divest in the medium term. He later added “Evesham is an excellent brand which has always offered a level of service which its customers have grown to love. 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.”
Austin also reaffirmed this in the statement issued this evening “We would like to reassure all of our customers that they will continue to receive support from Evesham and that their existing warranties will continue to be handled with Evesham’s award winning service, as before.”
It’s fair to say that the UK system builder industry has been under strain for some time now, but it’s sad to see a big gun like Evesham suffer serious financial difficulties. You can read the full statement here, and don’t forget to leave your comments in the forums.
Richard Austin, Evesham Technology’s Founder and Chairman, issued a statement this afternoon that placed blame on the company’s heavy involvement in the Government’s Home Computing Initiative, which was apparently axed at short notice.
According to Austin, this wiped around £30 million of revenue off Evesham’s turnover and “Other strong companies in the industry were hit hard by the demise of the HCI scheme. Many of these companies have not been fortunate enough to continue trading, resulting in the closure of many established UK companies and a loss of a number of jobs.”
What has given Evesham the funds required to restructure is under a new company GeeMore Technology Ltd, which will continue to trade under the Evesham Technology brand, is a $22 million investment from Dubai-based investment company PCC Technology. PCC is headed by ex-Time Computers honcho and well-known industry investor Tahir Mohsan.
In another statement, Mohsan expressed his confidence in the brand’s potential and said that he will be looking to divest in the medium term. He later added “Evesham is an excellent brand which has always offered a level of service which its customers have grown to love. 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.”
Austin also reaffirmed this in the statement issued this evening “We would like to reassure all of our customers that they will continue to receive support from Evesham and that their existing warranties will continue to be handled with Evesham’s award winning service, as before.”
It’s fair to say that the UK system builder industry has been under strain for some time now, but it’s sad to see a big gun like Evesham suffer serious financial difficulties. You can read the full statement here, and don’t forget to leave your comments in the forums.
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