A TECHNOLOGY company honoured by Queen Elizabeth II has gone bust, with its owner set to lose £150,000 he ploughed into it.
Computech IT Services Ltd has called in liquidators, just seven years after receiving the Queen’s Award for Enterprise – the most prestigious award a UK business can win.
The company, founded in Plymouth but recently based in Saltash, was praised for its export success, particularly for selling its business management software to firms in the United States. It also won a Herald Business Award in 2018, and went on to be joint main sponsor of the awards, alongside the University of Plymouth.
Computech was then hit badly by the Covid lockdowns’ meeting and travel restrictions. Rising inflation and interest rates further damaged it, and put off potential investors from injecting much-needed cash. It meant owner and founder Garry Thompson ended up with no option than to put his pride and joy into voluntary liquidation. He said the firm will be unable to pay off a £50,000 Covid loan, and he will lose his own cash which he had pumped into the business in a bid to keep it afloat.
Mr Thompson said: “Unfortunately, the Bounce Back Loan will not be repaid, and I am responsible for the balance of another bank loan, for which I have a personal guarantee, so, unless the bank is generous, I will somehow need to finance repayments for that.
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