Wed, 02 Oct 2013 | ADMINISTRATION
Center Group Ltd, the parent company of CCTV Center, has entered administration after failing to handle its debts.
Headquartered in High Wycombe, the business is the main supplier of IP CCTV and thermal security in the UK.
It was forced to appoint administrators from SFP due to the “significant debts” the company built up to HMRC.
Simon Plant, joint administrator appointed on 24 September, issued a statement: “The security industry has been particularly hard hit by the downturn in the economy. The company ceased to trade prior to our appointment and we are in the process of marketing the company for potential buyers.”
Indeed, turnover for the group has fallen significantly since the credit crunch in 2008. Turnover fell from £6.8 million in 2007 to £5.2 million in 2008. Although a slight increase to £5.7 million was recorded in 2009 it appears that the business never managed to recover from the downturn.
Center Group had strong relationships with Panasonic, Sony and JVC to distribute the well-known brands' CCTV and related systems. Its CCTV Center division handled the distribution of the security products, while its second division, Nexus Connect, operated a nationwide network of independent security integrators and manufacturers.
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