The news that caught everyone on the hop late Friday that sterling is to enter the exchange rate mechanism of the European Monetary System today at a level of about DM2.95 and that base rates are to be cut one point to 14% came too late for 4GL Systems Ltd, which went into receivership last week: admnistrative receivers from KPMG Peat Marwick Corporate Recovery are trying to sell as a going concern the UKP5m-a-year company, which has bases in Manchester, Heathrow, Cumbernauld, Bradford and Brussels, selling accounting and business software built around the Ingres Corp relational database, and direct mail marketing software on ICL and IBM computers; attractions include steady maintenance stream.
