Business Post customer goes into administration owing £.3m
RNS Number:7636Q Business Post Group PLC 31 January 2002
BUSINESS POST GROUP plc
Administration of a significant customer
Business Post, one of the UK’s leading express parcel delivery companies, announces that it learnt yesterday that O.T.Computers Limited (trading as Tiny Computers) went into administration on 29 January 2002. Business Post has also been advised that Time Group Limited has acquired the business and certain assets of O.T. Computers Limited, including some stock which is currently held in Business Post’s national hub in Birmingham.
O.T Computers Limited on an annualised basis accounted for approximately 3% of Business Post’s turnover, and the amount owed to Business Post is estimated to be approximately #0.3 million (net of credit insurance).
Business Post is in discussions with Time Group Limited and the administrators of O.T. Computers Limited as to how best to mitigate its exposure, which may include a continuation of its delivery services.
A further announcement will be made as soon as these matters are resolved.
Enquiries:
Business Post Group plc Paul Carvell (Chief Executive) 0121-335 1111 Peter Fitzwilliam (Finance Director) 01753 – 706 070
