Syco Systems has acquired the retail division of Computer Warehouse. UPDATED: 23/03/2010.
The winding up of Computer Warehouse and immediate purchase by Syco Systems appears to be a classic pre-pack administration, whereby the assets of a company are sold to a new company immediately after it has entered administration - often to the previous directors or management, who purchase the assets of the company from the administrator and set up a new company.
It was revealed yesterday that the authorised reseller of Apple computers, software and other devices such as iPods, which celebrated its 21st anniversary last year, had instructed MLG Associates to review which of its assets could be sold off, ahead of the possibility of placing the company in liquidation.
Terry Martin, sales director at Syco Systems, said the company was "absolutely thrilled" at the acquisition as Computer Warehouse was an "esteemed brand in the Apple market place".
In 2005 Computer Warehouse was behind the UK's first dedicated iPod store. The first popXpress opened in November 2005 in New Street, a side road off Bishopsgate, directly opposite London's Liverpool Street station and right in the heart of the city.
Syco Systems is listed as a retailer of computer systems and software based in London's Edgware Road, but has no functioning web address at www.sycosytems.com. Computer Warehouse CEO Jonathan Cole is understood to be involved with Syco.
The Intellectual Property Office lists Syco as a company involved in "Retail services connected with the sale of electronic keyboards and synthesisers, video editing systems and audio recording equipment."
Its agent is listed as "Jonathan Cole, Syco Systems Unit 2, 2 Premier Park Road, London, NE10 7NZ" - the same address as that of the recently relocated Computer Warehouse.
Another company, Just2Connect People, lists its managing director & founder as Terry Martin, and its Charirman and founder as Jonathan Cole.
Its website states that "In the last year, Jonathan has brought number of new companies to market: Bike Republic Ltd (Electric bike retailer), Cream Studios (recording studios) and CW Pro (specialist AV reseller into the professional market).
"Most recently, Jonathan has consolidated all of his companies under a holding company, SYCO Ltd."
Its address is listed as: Cream Studios, Unit 2, Premier Park, Park Royal, London NW10 7NZ.