Plus Corp is sold

Plus Corp administrators have sold the NSW-based reseller's business assets and IP to LG service centre company, ACE Trading Group.

As previously reported in ARN, Plus Corp went into voluntary administration on October 23 and closed its doors. Owner and managing director, Nigel Fernandes, blamed tight market conditions and slow sales for its demise. The company owed about $200,000 to creditors including Altech Computers and Todaytech.

Under the new owner, Fernandes will be kept on-board as a sales consultant for the short-term. He will be supported by Robert Stockley in technical support and Tealeah Hopkins in accounts.

The company will resume trading as Plus Corporation (NSW), a subsidiary of ACE Trading Group. ACE is currently in the process of moving leftover stock and assets to its warehouse in Seven Hills. The website should be relaunched over the next week.

Jirsch Sutherland representative, Priiny Acharrie, said it had received several expressions of interest and had opted for the offer that represented the easiest sale and biggest value for creditors. He declined to disclose financial details.

The ACE Trading Group team has experience in the IT and AV space.

"We will add in other product lines - the IT industry in general is becoming more open. Home theatre systems are being integrated with PCs and gaming consoles, and plasma TVs now have links for PCs built-in," managing director, Tony Polcino, said.

Acharrie said the voluntary administration period would finish on November 19. At that point, creditors would vote on whether to put the remaining company shell into liquidation.