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July 5, 1990

OFFICE & ELECTRONIC MACHINES DUMPS ITS TRIUMPH-ADLER DISTRIBUTORSHIP

By CBR Staff Writer

London SE1-based Office & Electronic Machines Plc which distributes office equipment has come in at year end with pre-tax loss of UKP2.4m up from a loss last time of UKP1.8m, on turnover down 13% to just under UKP17m. Because of these disappointing results Office has decided to pull out of its exclusive UK Triumph-Adler typewriter and printer distribution business. Triumph-Adler is to take over Office’s current warranty obligations and maintenance contracts and will pay UKP1.6m in cash for remaining stock and book debts. Once the withdrawal from this business has been completed Office will move to Burgess Hill in West Sussex. The group’s results include a UKP2.7m provision for the withdrawal from the Triumph-Adler business, which will cover the costs of the necessary 90 redundancies. The group’s remaining businesses will be selling stationery and office furniture and servicing office machines. If the Triumph-Adler business is removed from the group’s latest reported results, then continuing business produced a gross profit of just under UKP2m on turnover of nearly UKP7m. The move out of Triumph-Adler kit suggests that Olivetti, which owns the Nuremburg electronic typewriter company, will want to sell its 9% or so stake in Office.

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