1. ITV Report

200 job losses as Misco collapses into administration

Misco Wellingborough headquarters Credit: Google Maps

Computer reseller Misco has gone into administration, sparking hundreds of job losses.

The Northamptonshire-based firm has ceased trading but the move will not impact Misco Europe, which continues to operate across Italy, Spain, the Netherlands and Sweden.

Around 200 jobs have been lost the firm's Wellingborough headquarters.

The company has appointed joint administrators FRP Advisory after coming under pressure from Amazon's incursion into the business-to-business market and ramped-up terms from its credit insurers.

Geoff Rowley, joint administrator at FRP Advisory, said:

Misco UK had made great progress since the change of ownership and new investment in March this year but the company's turnaround plans could not deal sufficiently with the rapid deterioration in cash flow after the sudden tightening of credit insurance terms.

The UK business had moved to a system of supply chain outsourcing of stock, with increasing levels of automation to enable greater efficiencies with suppliers and distributions and overall lower cost, however these efforts came at a time of heightened competition from other globalised online retailers which have eaten heavily into the margins of even established IT resellers like Misco.

– FRP Advisory, Geoff Rowley

Efforts to save the business fell flat after it failed to attract any firm offers.

In total around 300 jobs will go across the UK.

Our immediate priority as administrators is to work closely with all agencies and services to ensure employees receive every support and assistance at this time.

We shall be assisting those staff who have lost their jobs with their timely applications to the Redundancy Payments Service.

– FRP Advisory, Geoff Rowley