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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. ®

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