Wed, 02 Oct 2013 | ADMINISTRATION
Center Group Ltd, the parent company of CCTV Center, has entered administration after failing to handle its debts.
Headquartered in High Wycombe, the business is the main supplier of IP CCTV and thermal security in the UK.
It was forced to appoint administrators from SFP due to the “significant debts” the company built up to HMRC.
Simon Plant, joint administrator appointed on 24 September, issued a statement: “The security industry has been particularly hard hit by the downturn in the economy. The company ceased to trade prior to our appointment and we are in the process of marketing the company for potential buyers.”
Indeed, turnover for the group has fallen significantly since the credit crunch in 2008. Turnover fell from £6.8 million in 2007 to £5.2 million in 2008. Although a slight increase to £5.7 million was recorded in 2009 it appears that the business never managed to recover from the downturn.
Center Group had strong relationships with Panasonic, Sony and JVC to distribute the well-known brands' CCTV and related systems. Its CCTV Center division handled the distribution of the security products, while its second division, Nexus Connect, operated a nationwide network of independent security integrators and manufacturers.
____________________________________________________________________________
Related information:
Contact the administrator
View CCTV businesses for sale
How to turn around a struggling business
Represents an opportunity for a hospitality acquirer seeking a restaurant with additional takeaway in Harrow.
LEASEHOLD
Wedding venue business with accommodation and large restaurant for sale in Cambridgeshire. With a capacity for up to 110 wedding guests, the16th Century traditional building boasts original features, open fireplaces, exposed beams and elegant interio...
LEASEHOLD
Restaurant for sale in Hartley Wintney, Hampshire. Offering a 3-bed flat, a large car park, and a detached property.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.