Cambridge Micro Computers Ltd has gone into creditors’ voluntary liquidation. The Cambridge-based company was set up by Murray Jacobs in 1979, and spawned such UK technology luminaries as Tadpole Technology Plc’s founder George Grey, and Peter Dawe and Bob Williams, the men behind Unipalm Group Plc and Pipex Ltd. Liquidator John Alexander, head of corporate recovery at London accountants Parnell, Kerr & Forster said that there is no prospect of any recovery and there are limited assets. The company had debts of ú430,000, and although the book value of stock was around ú450,000, the value eventually reached is difficult to estimate, but is likely to represent a tiny fraction, Alexander said. According to Jacob the failure could be attributed to five reasons; falls in 1994 gross profits, in sales to the education markets, in component parts sales, the inability to buy overseas supplies due to constraining credit terms and the late completion of a networking contract. The company had a number of maintenance contracts outstanding, which if cancelled could further hamper debt collection, as some of the debtors are disputing the amounts due. The use of factors by the company further complicated matters. Alexander urged the directors to act quickly. Rescue is possible, but much depends on directors being able to bite the bullet, Alexander said. He is talking to a number of companies about a possible rescue.
