Long-established Newcastle-based infrastructure reseller Sumlock Electronics NE has called a creditors' meeting to appoint a liquidator.
The family-run VMware, Sophos and NEC dealer was incorporated in 1976, but sources claimed that in recent times it ran into cash flow difficulties. Walsh Taylor was appointed as a business advisor and has called for creditors to convene on 16 February when it may or may not be appointed as a liquidator.
A representative of the IP said he was unable to comment until then.
According to filings on Companies House, Sumlock terminated the employment of directors Paul Robson and Carl Saunders in October last year.
In abbreviated accounts for the year to 28 February 2010 - the last filed - Sumlock had net assets of a little over £97,000 and creditors of £534,000.
Distie sources estimate that Sumlock still owes creditors in the region of £500,000.
Sumlock did not make a comment to El Reg but its website states: "In the fast paced world of IT many companies come and go but Sumlocks [sic] longevity proves our services will be around for many years to come.
"This gives our clients consistency, especially with our combined advantage of average employee service of over 10 years," it adds.
There was a dramatic rise in the number of small but long-standing dealers hitting the wall last year, according to recent industry stats and it appears the trend may well be continuing in 2012. ®