Sunday 19 August 2018

Tech retailer to enter liquidation with loss of 20 jobs

'Some 20 people are set to lose their jobs on foot of the liquidation.'
'Some 20 people are set to lose their jobs on foot of the liquidation.'
Gavin McLoughlin

Gavin McLoughlin

Tech retailer is to enter liquidation. The company behind the business, Cantec Office Solutions, has asked insolvency practitioners PJ Lynch & Co to act as liquidator as the company is wound up.

According to the website, the Navan-based company has eight stores at locations including Ashbourne, Cavan, Navan and franchise stores in NUI Galway and Trinity College Dublin.

It also did significant e-commerce business over its website.

Some 20 people are set to lose their jobs on foot of the liquidation.

The company has previously come through an examinership process.

In a statement to the Sunday Independent, Cantec Office Solutions confirmed that PJ Lynch & Co had been asked to come on board as liquidator.

It said: "The history of the company over the last two years has been fraught with setbacks and negative trading."

In February 2017, JW Accountants were appointed examiner to the company and managed to attract investors and put in place a proposal for a scheme of arrangement.

Examinership is a period of protection from creditors granted by a court to see if a scheme to keep the company alive can be found and approved by the court.

A scheme was approved in March 2017 and the company exited examinership under new ownership and with a new management team in place.

The company said: "The new owners immediately put new processes and management in place.

"In the highly competitive market of used mobile phones, tablets and laptops, we found ourselves struggling to keep pricing and margins competitive.

"Losses and negative trading continued and while we tried every avenue of raising funding and attracting new investors.

"Unfortunately we were not able to secure sufficient working capital to continue running the company. We unreservedly apologise to all customers, employees, suppliers and partners for this."

Click describes itself on the company website as "Ireland's largest dedicated independent seller of SIM unlocked Apple and Samsung phones, laptops, tablets, home media and IT products.

" also offers the full range of laptop, computer, Apple iPod, iPhone, iPad, tablet, games console and mobile phone repairs in store.

"We make technology simple, accessible, approachable and friendly, offering expertise and knowledgeable staff that are always on hand to advise on the best solution for our customers' needs."

Sunday Indo Business

Business Newsletter

Read the leading stories from the world of Business.

Also in Business