Despite the blow which befell Brisbane's Laptop Land when administrators were called into the Mercury Group of companies, the Queensland retailer is still turning a profit -- much to the surprise of receivers.
John Park and Lachlan McIntosh of Clout and Associates were appointed managers and receivers of the company in March, the result of fallout from other states. The irony is the company is not a subsidiary of either Mercury IT or Laptop Land in any of the other states, despite carrying the same branding.
"[Derek] Merdith was a former director and shareholder of the company, but he resigned in January," said Clout and Associates manager Craig Baldwin.
There was no cross-share ownership with the other subsidiaries of the Mercury Group, but when administrators were called in last month the business found itself with a half-million-dollar debt, through no apparent fault of its own.
"Businesses like Laptop Land deal on low margins and need a high turnover," Baldwin said. "You take that out of a business of this size, and it'll knock it for six."
Clout and Associates were appointed by Toshiba and are on the hunt for potential buyers for the business. What's remarkable, Baldwin said, is the strength of the company. No staff have been retrenched since the receiver's appointment and it is business as usual.
"We made a profit in our first month here," he said. "Our job now is to maintain the value until we can find a buyer."
Laptop Land Queensland was Toshiba's premier Queensland Five Star Reseller in 2001.