IT reseller Misco has gone bust, prompting job losses across the company. This includes the company’s Inverclyde warehouse, based in Greenock, where 80 staff are expected to lose their jobs. The ‘vast majority’ of 330 further employees will also be made redundant from Misco UK’s headquarters in Northamptonshire.
The job losses from the Inverclyde warehouse have come two months earlier than expected – in August, Misco announced plans to close the depot by the end of the year. Finance firm FRP Advisory, who are administrating the closure, said that Misco UK had collapsed after cash-flow pressures became ‘unsustainable’.
Geoff Rowley, a Partner of FRP, said: “Misco UK had made great progress since the change of ownership and new investment in March this year but the company’s turnaround plans could not deal sufficiently with the rapid deterioration in cash-flow after the sudden tightening of credit insurance terms.”
Misco UK was a subsidiary of Misco Europe, which continues to operate in Italy, Spain, the Netherlands and Sweden.