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Savastore owner Watford Electronics in financial crisis?

by Bob Crabtree on 1 February 2007, 18:45

Tags: Watford

Quick Link: HEXUS.net/qahtg

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It looks like the Watford Electronics group has hit the financial skids. According to contacts at various suppliers, the company - the driving force behind the Redten internet service provider and owner of the savastore web site and various well-known PC brands (Aries, Carrera, Demonite, Time, Tiny) - is undergoing a monetary crisis.

We've been unable to get Watford to confirm or deny these rumours - but were told at around 3:40pm today (Feb 1) that the Financial Director Ricky Raqeeb would call us back. As yet, though, we've heard nothing.

Live clock (F5 to refresh) - GMT

If the company does end up going to the wall, it will be - in the erudite words of one HEXUS.community pundit - déja vu all over again.

This is a reference to the fact that Watford owns a number of PC brands that were acquired as the result of financial disasters.

Watford eventually picked up the Time and Tiny brands from the ashes of the Granville Technology Group's crash in mid-2005 and did much the same with another couple of multi-owned UK PC brands, Carrera and Demonite, after Digital Networks PLC went down the tubes.

And, as the companies that were involved with those brands did while the storm clouds gathered overhead, Watford looks still to be trading normally.

We've just visited (Feb 1, 5:15pm) the Redten site where we saw no indication that anything is wrong. We were able to sign up for a new broadband account - but stopped at the stage where we had to input out credit-card details.

Similarly, 15 minutes later, there was nothing on the savastore site to warn of any difficulties. We were able to customise a PC system for purchasing - only pulling out when it came to the plastic-money stage.

Clearly, until we know exactly what's going on, the only advice we can give HEXUS vistors is not to buy any products or services from any company known to be owned or partly owned by Watford Electronics.

When we get any news, we'll update this article and the associated HEXUS.community forum thread and put up front-pagers. Until then - take care.

Thoughts? Share them with us in the HEXUS.community, not forgetting to tell us what you know about the situation at Watford, savastore and Redten - and your experiences with companies that went to the wall in the past.

HEXUS.links

HEXUS.community :: discussion thread about this article
HEXUS.hardlines :: Time and Tiny Stores Close
HEXUS.press.releases :: Watford Electronics Ltd acquires Carrera and Demonite brands

External.links

savastore - home page
Redten Internet - home page



HEXUS Forums :: 148 Comments

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Bob
...owner of the savastore web site, various well-known PC brands (Aries, Tiny, Time)...

It's déja vu all over again...
/me is happy

Only ever ordered one product from these guys, a Creative MUVO TX Flash MP3 Player. Took almost 2 months to be delivered (ordered 2 weeks before Christmas when told was instock). Unit developed a fault, raised an RMA, never heard back - after the experience of chasing them prior to that I gave up and tried to sort it myself. Did a firmware update, worked for another 6 months, same issue again, flagged the old RMA up and heard nothing.

It makes sitting in this office at 80 degrees so much more bareable :crazy:
I've disliked them since I ordered some stuff off them and they delayed it by over 2weeks.
Only used the place a couple of times, as they had the MS Ergonomic 4000s at prices much cheaper than anywhere else at the time. No complaints from me.

I think it's the death (again) of Time and Tiny I'll be more chuffed at. The less of these God-awful companies, the better.
I wont miss them when they are gone.

I do think its a real shame that its not the most hated retailer in the uk thats gone bump though. We can only hope.