Entatech Trade Creditors are likely to get back 35 and 45 pence on the pound, according to the final administration report from KPMG.
Entatech went under in May owing £9.7 million to unsecured creditors, including £7 million to trade creditors.
The firm’s administrators had previously reported that these creditors could expect to see a return of around two thirds, but in the final report, posted on Companies House, KPMG has revised this figure to 35 to 45 pence, “based on current estimates”. Entatech has now been moved into voluntary liquidation.
Much of it depends on the sale of Entatech’s Telford property which is expected to be worth about £2 million.
Microsoft is the largest trade creditor, with the vendor being owed just over £1. 2million.
Two of Entatech’s three secured creditors have been paid in full, while the third is expected to be paid in full once the property has been sold.
Preferential creditors are expected to be paid in full.
GNR acquired Entatech’s stock, contracts, domain names, intellectual property and goodwill for £300,001 on 12 May. Further payment was slated to be due depending on GNR’s sale of stock, with an additional £231,850 now set to be added to the initial fee.
GNR has signed an exclusive partnership with HiWatch’s video surveillance supplier HikVision.
HiWatch products are designed specifically for semi-professional or amateur installers and home users and are not available for the professional CCTV distributors or installers. Its products, it claims, meet the growing demand for quality home security solutions without an expensive installation and setup cost.
Over the past several years HikVision been targeting various vertical markets, including public security, transportation, education, healthcare, financial institutions, and energy, as well as intelligent buildings. Now it things the world is ready for quality home security products.
As the exclusive distributor of HiWatch in the UK, GNR Tech will manage the launch of the brand into the channel and build a qualified database of accredited resellers to ensure disciplined pricing in order to achieve attractive margins for its resellers.
Dave Stevinson, managing director of GNR Tech said he was impressed with the HikVision product range, business model and market strategy.
“The accredited reseller initiative will offer fantastic value add to our resellers enabling attractive margin opportunities,” stated. “The exclusive partnership with HikVision cements our foothold within the video surveillance market, and are very optimistic of the growth of the brand.”
Jenkin Dai of HiWatch added: “The partnership with GNR is great news for HiWatch by HikVision. The distinctive feature of HiWatch is the combination of competitive price and high quality components. This offers resellers a unique opportunity to buy specifically designed products that are a cost effective and quality alternative to existing video surveillance brands.”