Suggestions that Jarogate Ltd is in a state of collapse with debts of UKP750,000 have been partially confirmed by Robin Tracey, founder of the 12-year old Unix and Concurrent DOS systems manufacturer. He says that the company is in the hands of receivers from Finnie & Co, and despite the UKP750,000 debt, is still trading and looking to find a buyer in next few days. Tracey, who says he intends to stay with Jarogate, and will not be troubled if he has no equity stake in it, attributes the company’s problems to a proposed management buyout being negotiated earlier this year, and claims that staff headcount increased so dramatically that the wage bill soared while sales were neglected. Richard Clackson, who headed the management team, is no longer with the Surbiton, Surrey-based company.
