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Portland Appointed Administrators of PC IQ Ltd
Published on: 09 June 2006
Managing Director Carl Faulds and James Tickell, Director of Portland Business & Financial Solutions Limited have been appointed as administrators to handle the affairs of PC IQ Ltd. based in Romsey. Being the largest independent business recovery firm in the South, Portland operates from offices in Whiteley, Poole and London and has a vast experience in handling such matters.
PC IQ was a new venture formed in 2004 to develop a national network of computer services providers, where members paid a modest subscription and in return were put in touch with new customers contacting the company's website or in response to advertising. The company now has liabilities of £65k as the shareholders cash investment in the business was exhausted, after having invested £200k over the last 18 months. And this situation has arisen despite the company having successfully built up a membership of 91 providers across the country.
James Tickell commented."We were impressed with what the shareholders had been able to achieve in a short period and were happy to accept an administration appointment on a contingent fee basis, to see whether we could find a replacement investor/buyer for the company so that it could continue with its plans. It is a classic example of how the new administration procedure should be used to try to rescue companies. Working closely with management, we have been in contact with the membership and others that we felt might have an interest and have sent sales particulars to over 40 parties. We are presently in negotiations with a number of parties to achieve a sale of the business.
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