The Channel logo


By | John Leyden 7th June 2005 15:51

Garingdell goes titsup, resurfaces as Maypace

Rescue package leaves creditors out of pocket

Failing IT reseller Garingdell Systems has been bought out of administration by a group of investors who will resurrect its business as Maypace Systems. The surprise move follows the collapse into administration by Berkshire-based Garingdell last month after 20 years in business and with debts estimated to run into seven figures.

The sale of the firm's business is great news for its 36 workers, all of whom are expected to keep their jobs, but cold comfort for creditors who are unlikely to recoup any of the money owed to them. Major creditors include Computacenter Distribution, ETC, Ingram Micro, Computer 2000 and Dell, CRN UK reports.

Watford-based accountancy firm Moore Stephens was appointed as joint administrators of Garingdell late last month, shortly before the Maypace Systems make-over. In a statement, Moore Stephens said: "The administrators have successfully implemented a restructuring strategy which involved a going-concern sale of the company's business to a third party investor."

Moore Stephens declined to discuss the problems with Garingdell business that pushed it into administration. ®

Related stories

Morse shares tumble on channel exposure
Administrators take over at ITM Group
Security and backup for

alert Send corrections



Tom Whipp

Insurance industry insider tells all
Crypto fingers
Kids on wall. Pic: US Army/Capt Emily Skolozynski


Better to play nicely than try to muscle in on territory
Microsoft:Decoded partner of the year 2015. Pic: Dominic Connor

Dominic Connor

Advertising oddness and what MS really wants you to know


Michael Dell. Pic by Joi Ito
Cool Texas dude is just your average billionaire
The Seeing Eye by Valerie Everett, Flickr, CC2.0
Follow the money – or, at least, our projections
Boats storm girl photo via Nikolina Mrakovic
The puppets from Team America: World Police gather at a bar for drinks.