Gamma Global (UK) Limited (02449896): administration
- Status
- Administration ended
- Administration began
- 2015-02-25
- Administrators
- Gareth Prince, William John Kelly
- Administrators' firm
- Begbies Traynor
- Formerly
- Gamma Management Limited; Gamma Management Limited
- Incorporated
- 1989-12-06
- Location
- Birmingham
- Industry
- 46510 Wholesale of computers, computer peripheral equipment and software
Why it went into administration
- HMRC / tax arrears
- Bad debts / customer insolvency
- Credit insurance / supplier credit withdrawn
- Competition / price pressure
From the administrators' statement
The following statement has been prepared by Mark Winter, director of the Company
The business was originally formed in 1989 by Steve Leibowitz as a broking business for IT hardware products | jomed the business in 1998 and by 2005 the business had been through two management buy outs During that time the Company set up businesses in France and Hong Kong and in 2006 | opened an Italian operation
A major distraction took place in around 2009/2010 where HMRC investigated Gamma Global as a result of some lax accounting Around that time we were also inadvertently caught up in a small number of VAT carousel deals where Gamma UK was the end exporter, and therefore ulttmately responsible for the VAT loss caused by others The VAT loss was around £217k The CT and PAYE HMRC enquiry meant Gamma was looking at having to pay back between £500k and £900 in back taxes, interest and penalties After a length of time and significant advisors’ costs, an agreement was reached with HMRC where approximately £600k in back taxes and penalties had to paid
Administrators' statement of proposals (2015-05-05) · Companies House register