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Poor logistics cause 1World's demise

Poor logistics cause 1World's demise

Ending weeks of speculation and bitter innuendo, 1World Systems' founder and general manager Nick Verykios announced yesterday that the distributor has signed a heads of agreement deal with a "well-known, publicly-listed international investor".

The sale of 1World Systems has not come without controversy, however. Just two days before Verykios and 1World penned the deal on December 16 last year, Deloitte Touche Tohmatsu was appointed as a voluntary administrator for 1World's parent company, Melbourne-based Collinscroft.

Verykios could not comment on the intentions of Delloite Touche Tohmatsu regarding its dealings with Collinscroft, and could only speculate as to whether the arrival of an administrator would have any effect on 1World's sale to the mystery investor.

According to Verykios, 1World was receiving "expressions of interest" from circling investors as early as seven months ago, however at the time said 1World had "unfinished business", and was confident it could continue to serve its customers.

However, 1World's lack of a strong "logistics operation" driven by online distribution forced Verykios to accept the fact that the distributor could no longer offer the back-end services to compliment sales of products from Fore Systems, Shiva, Ascend, Eicon Technology and Netcomm.


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