Micro Anvika goes titsup after Olympics fails to save its shops

Globally the effects of online shopping are being felt. Aivars Lode, Avantce

By | Paul Kunert 24th September 2012 15:33

Micro Anvika goes titsup after Olympics fails to save its shops

Calls in the receivers, keeps biz open in bid to sell it as going concern

The directors at Tottenham Court Road outfit Micro Anvika have called in the administrators after more than 28 years in business, The Channel can reveal.

The firm appointed IP and business advisor Re10 on 17 September but continues to trade out of its three premises - two on TCR and one in Newcastle - albeit with fewer staff.

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Gary Rupping, manager at Re10, confirmed it is talking to several interested parties about offloading the business "as a going concern".

"The directors didn't want to go down this road [of administration]. It took more than 25 years to build this business, they have significant emotional investment in it, not to mention financial," said Rupping.

The recession, costly overheads and the migration of shoppers from the traditional model to the online world were primarily to blame for Micro Anvika's troubles, said Re10.

"The final nail in the coffin was the Olympics - the directors expected an uptick [in store footfall] but that didn't happen," said Rupping.

He revealed that some of the 50 staff employed by the retailer had already been made redundant, but was unable to confirm numbers.

The writing was on the wall for Micro Anvika last November when credit insurers, nervous about the lacklustre retail sector, removed lines, forcing the retailer to trade with suppliers on a cash-with-order basis.

Micro Anvika's management then called in Re10 last Christmas; the advisor then proposed a company voluntary arrangement (CVA) rather than the last resort - administration.

The CVA was approved in May after Micro Anvika shuttered more than half its stores and made redundant over 60 per cent of the 140-strong workforce in a bid to prove it could regain economic viability.

As part of the CVA, creditors were offered a 32 pence-on-the-pound offer on debts totalling £2.7m to be paid back over five years. The CVA terms ended once Micro Anvika entered administration.

Continued consolidation of players Aivars Lode, Avantce

8/27/2012 9:00:00 AM Trimble to Buy TMW Systems for $335 Million Trimble Navigation said Monday it has signed an agreement to acquire TMW Systems for $335 million, bringing the transportation software provider together with PeopleNet Communications Corp., which Trimble purchased last year. Executives with the companies told Transport Topics they will remain separate units and continue working with all current partners. They also will more closely integrate TMW’s products with PeopleNet’s onboard computing and fleet communications services. The all-cash deal will be financed through Trimble’s existing credit facility. TMW’s most recent 12-month revenue was about $96 million, Trimble said in a statement, and said the deal would add about 12 to 14 cents per share to its adjusted 2013 earnings. David Wangler, TMW’s president and CEO, said joining with Trimble gives TMW an opportunity for growth that “we didn’t have as a stand-alone,” including more access to the construction and agricultural segments. The companies have worked together for about a decade and TMW is PeopleNet’s largest technology integration partner, said Ron Konezny, general manager of Trimble’s transport and logistics division. Konezny founded PeopleNet, Minnetonka, Minn., in 1994, and started in his current role for Trimble in December. At that time, Brian McLaughlin was promoted to president of PeopleNet from chief operating officer. Outside North America, Trimble, Sunnyvale, Calif., has a presence in Europe, Australia and India. TMW’s website says 77 of the largest 100 for-hire fleets use its software, based on the 2011 TT100 list. TMW, Beachwood, Ohio, celebrates its 30th anniversary next year. It purchased Appian Logistics Software in 2011, Innovative Computing Corp. in 2009 and Maddocks Systems in 2006. By Neil Abt News Editor

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Continued consolidation of players. Aivars Lode Avantce

8/27/2012 9:00:00 AM

Trimble to Buy TMW Systems for $335 Million

Trimble Navigation said Monday it has signed an agreement to acquire TMW Systems for $335 million, bringing the transportation software provider together with PeopleNet Communications Corp., which Trimble purchased last year.

Executives with the companies told Transport Topics they will remain separate units and continue working with all current partners.

They also will more closely integrate TMW’s products with PeopleNet’s onboard computing and fleet communications services.

The all-cash deal will be financed through Trimble’s existing credit facility. TMW’s most recent 12-month revenue was about $96 million, Trimble said in a statement, and said the deal would add about 12 to 14 cents per share to its adjusted 2013 earnings.

David Wangler, TMW’s president and CEO, said joining with Trimble gives TMW an opportunity for growth that “we didn’t have as a stand-alone,” including more access to the construction and agricultural segments.

The companies have worked together for about a decade and TMW is PeopleNet’s largest technology integration partner, said Ron Konezny, general manager of Trimble’s transport and logistics division.

Konezny founded PeopleNet, Minnetonka, Minn., in 1994, and started in his current role for Trimble in December. At that time, Brian McLaughlin was promoted to president of PeopleNet from chief operating officer.

Outside North America, Trimble, Sunnyvale, Calif., has a presence in Europe, Australia and India.

TMW’s website says 77 of the largest 100 for-hire fleets use its software, based on the 2011 TT100 list.

TMW, Beachwood, Ohio, celebrates its 30th anniversary next year. It purchased Appian Logistics Software in 2011, Innovative Computing Corp. in 2009 and Maddocks Systems in 2006.

By Neil Abt

News Editor