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July 11, 1993

HM SYSTEMS BUYS OUT 75% SHAREHOLDER, Co-FOUNDER, TAKES DESTINY INTO OWN HANDS

By CBR Staff Writer

The management of one of the UK’s oldest personal computer manufacturers, HM Systems Plc, has bought out 75% shareholder and co-founder Tony Harris and now plans to beef up its portfolio and customer base. The new managing director is Andrew Ward, who co-founded the firm in 1979 before he quit and sold his share in 1987. He now shares ownership with three existing directors, and together they bought out external 25% shareholder, the Somerset glove maker Dewhurst Dent Plc. HM made a loss of UKP80,000 on turnover of UKP3m last year, against a UKP115,000 profit last time, but Ward said it has already regained profitability. He will push HM beyond its key markets of health authorities and local government, seek new business for the maintenance division, and offer shares to the 25-odd workforce. Asked if HM will undergo a personality change, he said: We hope so. Harris has gone to focus on single board personal computer supplier, HM Systems Inc in Irvine, California, which he set up separately four years ago, and where he has subsequently spent much time. The choice of music on the UK firm’s telephone hold service is perhaps significant: it’s Dvorak’s New World Symphony.

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