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PCC Technology agrees $22m funding for Evesham restructure.

Discussion in 'Industry News' started by Tim S, 6 Aug 2007.

  1. Tim S

    Tim S OG

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    Evesham, 3rd August 2007

    PCC Technology Ltd, an investment company managed from Dubai, has agreed an interim funding line for Evesham Technology Ltd to restructure and continue trading, allowing the directors to continue with finding a long-term solution. The funding line agreed at $22 million, will allow plenty of flexibility and as such will allow ample time for the directors to find a permanent solution.

    Evesham Technology, one of the UK’s longest established Direct PC manufacturers had been in difficulties and needed to re-structure following the closure of the Government backed ‘Home Computing Initiative’, an area in which the company had invested heavily. PCC saw great potential in the brand and agreed to support the restructuring.

    “It is our intention to allow Evesham to continue with no involvement from PCC in the day-to-day operations”, said Tahir Mohsan, Head of PCC Technology. “We expect the brand to develop strongly and will be looking to divest in the medium term.”

    He added “Evesham is an excellent brand which has always offered a level of service which its customers have grown to love. By funding this restructuring, we intend to allow Evesham to continue delivering excellent products and services to its customers, so it’s business as usual.”

    About Evesham Technology Ltd
    Evesham Technology is a leading UK based provider of IT Solutions and Consumer Electronics. Evesham develop and assemble its own range of PCs, notebooks, servers LCD TV’s and Satellite Navigation devices. Evesham PCs have become one of the highest award winning ranges of personal computers in the UK. www.lowestonweb.com is a subsidiary of Evesham Technology Ltd, specialising in peripherals and other IT related equipment. Evesham also has a reseller, retail and channel division.

    Evesham’s strength lies in its very strong relationship with manufacturers and suppliers. Evesham has regularly been partnered with Intel, Microsoft and AMD to bring new products to market in the UK. Evesham has also worked directly with Intel for server product development and has strong storage products based on co-operation with suppliers. Evesham is a strong leader in the promotion of the Microsoft Home Media Center and Microsoft Vista OS.

    About PCC Technology
    PCC Technology is purely an investment company managed from Dubai by Tahir Mohsan. The company is involved in the IT and property industry across the Europe, Middle East and Asia and has significant investments in the IT sector totaling over $300 million. These range from Hardware Manufacturing and Sales, Internet Services, Software Development and ‘Voice over IP’ Technology. PCC aims to invest in companies that provide good medium to long-term growth, which can eventually be realised either through trade sales or management buyout.
     

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