ATG disowns debt-ridden sister firm

Anglo Technology Group (ATG) has moved premises to avoid pressure from creditors of its sister company, Anglo Corporation, which entered administration two weeks ago.

The IBM RS/6000 agent has left the building it shared with Anglo Corporation in Woking and moved to offices in Frimley, Surrey. The companies are legally separate businesses but had started the process of merging. ATG suppliers had been instructed to invoice Anglo Corporation.

Stuart Tidy, director and founder of ATG, said: 'We were going to do it (merge) but we just hadn't had the time. I think the administrators were going to shut the whole lot down but we were able to convince them Anglo Technology is a separate and profitable company.'

ATG, which Tidy says has sales of u15m, has been affected by Anglo Corporation's financial trouble and will shed five of its 15 sales staff.

Anglo Corporation runs the 36-strong chain of Silica computer retail stores as well as distributing computer products. The administrators Coopers and Lybrand have put its debts at #7m and have laid off 30 staff from its head office.

Tidy founded ATG in 1991. He and partner David Gosling, son of Sir Donald Gosling, co-founder of National Parking Corporation, have both lost money after giving personal guarantees on Anglo Corporation debts. 'It's a lot of money I can assure you,' said Tidy.