Entatech creditors will get two-thirds of what they are owed

creditcrunchcoinsmoneyvicewatersmay2014-580x358Unsecured creditors of distributor Entatech are set to receive around two-thirds of their money back.

According to documents published by Companies House, the administrators show that Entatech’s unsecured creditors are owed just over £9.7 million by the Telford-based outfit, and there is £6.3 million to pay them off.

Of the £9.7 million, £7 million is owed to unsecured trade creditors. This figure includes Microsoft which is owed just over £1.2 million.

The taxman is owed £2.5 million and Gigabyte is owed around £822,000 while Fujitsu is owed £668,000.

For those who came in late, Entatech went out of business in May after struggling with legacy financial problems originating under the previous ownership. Its assets were purchased by managing director Dave Stevinson who formed new brand GNR Technology Limited. GNR stands for ‘Greatest Net Return’.

GNR cut the number of vendors it carries from over 70 to around 25 to have a narrower and specialist focus. It has secured deals with Gigabyte, Adata, Hannspree, iStorage and Intel.