PC maker Panrix went into administration 10 days ago, but has escaped the clutches of receivership.

Directors of Panrix bought the company from its administrators Wilson Pitts for an undisclosed sum and are continuing the business under a new name, Panrix Technologies.

Gulberg Panesar, MD of Panrix and the new firm, promised all existing customers' warranties will be honoured, and that the company is trading as normal.

"We are going to honour all of their warranties," said Panesar. "We insisted we do this because it's a goodwill thing for our customers."

Panesar said that Panrix's credit providers has pulled the plug on the firm's credit after two slow months. Credit companies are, claims Panesar, getting itchy about PC firms because of the decline in the growth of sales worldwide.

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