The Channel logo

News

By | Paul Kunert 18th June 2013 12:24

Quadrant Visual Solutions goes into liquidation

Delayed projects and lack of funding kills veteran channel firm

Quadrant Visual Solutions (QVS) has shut up shop after 25 years in business, having succumbed to the oldest business-killer of all: it ran out of cash.

The Derbyshire-based AV integrator and IT reseller ceased trading on 7 June and a credit meeting has been called for the 28 June.

Former XMA IT Solutions director and QVS director Tim Beech said his firm fell due to weak trading months in the spring and finance deals that did not come to fruition.

"We had no option at the end, it is very disappointing. Thirty-three people lost their jobs and a number of suppliers were let down," he told The Channel.

Andrew Corden, director at insolvency practitioner Elwell Watchorn & Saxton (EWS), confirmed it is handling the case, which looks to be a straightforward liquidation.

"They had a very strong forward-order book but at the turn of this [fiscal] year some contracts were pushed back and the cash flow situation got severe," he said.

QVS, incorporated in 1988 according to Companies House, was also run by another ex-XMA director, Ash Merchant.

In the last set of accounts to 31 March 2012, QVS posted a pre-tax loss of £451,000 compared to a pre-tax profit of £55,000 the year earlier. Sales fell to £7.1m from £7.7m.

Corden said there are no buyers for the complete business, but he had received some expressions of interest from third parties.

The creditors' report is not yet available. ®

alert Send corrections

Opinion

Lightning

Jack Clark

Just as Jeff Bezos did to books and CDs, Amazon's rivals are now doing to it
Microsoft CEO Satya Nadella
ARA_LIbertad

Chris Mellor

Elliott Management sinks its teeth into retiring godhead

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