The Channel logo

News

By | Paul Kunert 21st September 2012 11:44

Channel biggun 2e2 dragged to county court over £14,000 debt

Second CCJ this year 'doesn't comfort' suppliers

Reseller-cum-integrator 2e2 has been handed a County Court Judgment (CCJ) over the late settlement of a £14,000 debt.

The CCJ lodged at the Northampton County Court's money claims centre must be resolved inside 30 days of 15 September. Failure to do so means the debt is not scratched off the register even after it's been paid off, as has happened with a CCJ issued against 2e2 in June at Reading County Court.

Berkshire-based 2e2 has an acquisitive past: it hoovered up firms including Compel, NetStore and most recently Morse, but this has contributed to a £154.3m debt spread across five loans.

The debt is being serviced but interest repayments totalled £20.8m in calendar 2011.

In that year 2e2 made a net loss of £8.4m compared to £9.1m losses it reported a year earlier. Sales were £404m, up one per cent year-on-year on an organic basis.

IT suppliers are already trading with 2e2 without credit insurance, said a source close to the matter.

"Any company of that size should be dealing with these issues [debts of this size]. It doesn't give comfort to suppliers knowing that a CCJ has been granted," said the channel mole.

2e2 was unavailable for comment at the time of writing. ®

comment icon Read 1 comment on this article alert Send corrections

Opinion

Microsoft CEO Satya Nadella
ARA_LIbertad

Chris Mellor

Elliott Management sinks its teeth into retiring godhead
Satya Nadella
cloud computing Fight

Features

Failure to crack next-gen semiconductors threatens to set back humanity
SMEs get lip service - what they need is dinner at the Club
SAP Match Insights
Vorsprung durch grossendatatechnik, as we like to say in Germany
Inside the Google Lab where surgeons prepare the human/dog experiment
Big Blue exec tells El Reg what to keep an eye on