TallyGenicom in administration

Insolvency administrators have been appointed to sort out the affairs of TallyGenicom Ltd UK, which supplies printers and services to more than 600 customers including many businesses in the UK.

The company, whose US parent TallyGenicom LP is in Chapter 11 administration, generated revenues of £27m from its Basingtoke headquarters, according to a statement from joint administrators Nigel Atkinson and Neil Mather, of Begbies Traynor.

They said 55 of the 73 staff have been made redundant and the company is still operating with the rest.

It is owned by a Germany-based holding company, TallyGenicom Akteingesellschaft, which is under the administration of Pluta, a member of the Begbies Global Network of adminstrators.

The statement said: "By working closely with Pluta, it is hoped that a single buyer may be found for several of the group’s European businesses, allowing them to continue as going."

Co-adminstrator Atkinson added: “I am optimistic that we will see a positive outcome for several of these companies.”