The online business of defunct integrator Watford Electronics re-emerged last week in the form of Saverstore.com.
Almost simultaneously, a creditors meeting decided that Digital POS, the legal identity of Watford, is to be formally liquidated.
When Watford entered administration (Watford Electronics folds as debts approach £8m) its Savastore web site closed down. On the same day, a company called Globally Ltd – registered to the same Luton address as Watford – purchased the business of Watford.
The new Saverstore, complete with spelling change, appears to be selling everything from PCs and notebooks, to digital cameras and plasma TVs.
Allister Manson, associate director of administrator Smith & Williamson, told CRN: “It was resolved that the company would be liquidated as soon as the administrators saw fit.”
Steven Fenby, financial director at Midwich, which is owed more than £100,000 by Watford, told CRN: “It’s difficult to tell if we’ll see any return as there are still a lot of questions.”
However, Nitin Joshi, founder of Channelmoney, which represents around 70 per cent of Watford’s creditors, said: “There should be a dividend to creditors, but much depends on asset realisations and professional fees.”
Eddie Pacey, director, credit services EMEA at Bell Microproducts, said: “If the new business approached us it must demonstrate that it is properly run and adequately funded.”
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