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

Chris Mellor

How long before Blue Big HQ pulls the plug on the whole thing?

Chris Mellor

Drives nails forged with Red Hat iron into VCE's coffin
Sleep Cycle iOS app screenshot

Trevor Pott

Forget big-spending globo biz: it's about the consumer... and he's desperate for a nap

Features

Windows 8.1 Update  Storeapps Taskbar
Chinese Buffet self-service
Chopping down the phone tree to scrump low-hanging fruit
An original member of the System/360 family announced in 1964, the Model 50 was the most powerful unit in the medium price range.
Big Blue's big $5bn bet adjusted, modified, reduced, back for more
Microsoft CEO Satya Nadella
Redmond needs to discover the mathematics of trust