Soft demand caused RES Distribution to go belly-up, the company’s receiver has revealed.
A statement from BDO Stoy Hayward explained that Res - which distributed high-end Hewlett-Packard products - went into receivership in April because of “financial difficulties from challenging market conditions in the sector”.
BDO partner Eddie Blackwell said: “Our priority is to ensure that all of the assets are realised, including the freehold premises in Wokingham.”
Commenting on the plight of suppliers, customers and employees, he said: “We understand that this is a very difficult time for those concerned, and are doing all we can to clear up any confusion and clarify the situation for employees and creditors quickly and efficiently.”
The statement reveals that most of the 28 staff across the three companies were made redundant prior to receivership. A skeleton staff remains on-site to help the receiver.