Financier the Royal Bank of Scotland called in BDO Stoy Hayward at the end of last week.
OCC has ceased trading with managing director Bill Hill blaming failure to secure a second round of corporate funding as the primary reason for the group’s collapse.
Hill told CRN: ‘The group ran out of cash, end of story. We had trouble finding an investor and the City doesn’t have an appetite for IT investment right now. We launched towards the end of last year and in hindsight it couldn’t have been at a worse time.’
OCC was founded last September and is co-owned by 47 resellers nationwide. It rebranded last month as Vision4group in what turned out to be a last-ditch attempt to win investors.
Hill said two parties have shown interest in purchasing the OCC trading name, but so far no official moves had been made. Techtel, brought in as part of the group’s telecommunications initiative at the start of the year, will not be part of any potential liquidation proceedings and could become an independent organisation.
Nitin Joshi, a director at credit-insolvency specialist PKF, said he expected potential bidders to come forward in the next few weeks, otherwise OCC would be liquidated. Joshi added that he had been contacted by a number of OCC suppliers who were interested in what would happen to the reseller members of OCC.
Nat Hart, managing director of OCC partner Landscape, and a non-executive director at OCC, said members should not be affected too badly. ‘OCC was a good idea, and I am terribly disappointed the venture did not work.’
‘I have a firm belief a leaner, fitter version of this concept will arise from this,’ he added. ‘Resellers need something like it to help them source products in what right now are very hard economic conditions.’
Edward Blackwell, of BDO Stoy Hayward, said it was still ‘early days’ and too soon to say what would happen to OCC.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel