Evesham given more time with $22m funding

Evesham Technology has closed 15 of its 16 retail stores around the UK and will concentrate on its online and channel sales.

Today's announcement comes after rumours that the troubled computer builder may be sold emerged last month.

Speculation was rife last month that Tahir Mohsan and Tariq Mohammed, founders of Time UK, were interested in the company. It has now emerged that PCC Ltd, an investment company managed from Dubai by Mohsan, has agreed interim funding of $22m.

Evesham released a statement saying the restructure of the company was necessary following the end of the Government-backed ‘Home Computing Initiative’, an area in which the company had invested heavily.

According to the statement, the funding from PCC "will allow plenty of flexibility and as such will allow ample time for the directors to find a permanent solution", to Evesham's difficulties.

In the meantime, however, the company said it intends to re-focus on direct sales of high-end PC systems and consumer electronics. The company told Computeractive that its customers will see no difference and, as far as they are concerned, it will be business as usual.

It said: “We would like to reassure all of our customers that they will continue to receive support from the same Evesham staff and that their existing warranties will continue to be handled with Evesham’s award-winning service, as before.”

Mohsan said that they did not intend to interfere in the day-to-day operation of the company.

“We expect the brand to develop strongly and will be looking to divest in the medium term," he said.

The 15 stores to close are based in Altrincham, Birmingham, Bristol, Cambridge, Glasgow, Ipswich, London, Milton Keynes, Norwich, Nottingham, Peterborough, Reading, Southampton, Swansea, and Tunbridge Wells.

Closures were effective immediately but we have not heard back from the company about the number of jobs this will affect. The Evesham-based store will not close as it is based at the company's headquarters.