The insolvency practitioners SFP has been appointed administrators to High Wycombe-based CCTV product distributors Center Group Limited after the firm had financial difficulties.
Center Group Limited specialises in the distribution of CCTV systems and had a relationship with Panasonic, JVC and Sony to distribute its systems from its base in Lane End in Buckinghamshire.
In 2007, company turnover peaked at £7m, but due to the economic downturn, the company saw a downturn in business that put greater pressure on its cash flow leading to it accruing what the insolvency practitioners term significant debts to Her Majesty’s Revenue and Customs (HMRC) and creditors.
SFP’s Simon and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed Joint Administrators on September 23.
“The security industry has been particularly hard hit by the downturn in the economy,” says Simon Plant, Director of the SFP Group. “The company ceased to trade prior to our appointment and we are in the process of marketing the company for potential buyers.”
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