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Another Apple bites the dust

Another Apple bites the dust

Victorian reseller, Connecting Point, goes into liquidation after its property value sours

Victorian Apple reseller, Connecting Point, has gone into liquidation.

A letter sighted by ARN stated Connecting Point was secured against its properties. Following a bank reevaluation of the property value, the banks decided to withdraw funding.

Accountant, Rogers Reidy, has been called in to handle the liquidation, but Connecting Point director, Ed Menegol, said he was hopeful the business could be sold to another reseller.

“We’re in negotiations with a couple,” Menegol said.

Connecting Point was returning to profitability after a restructure four months ago, he said.

“We tried to expand into iPhone development, as everyone knows there’s no money in moving boxes,” he said. “That didn’t really work for us; there was no real market for what we were trying to do. So we lost money with that, but since the restructure we had been profitable again.”

Rogers Reidy has been contacted for comment, but had not responded at time of publication.

More to follow.

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Tags AppleliquidationConnecting Point

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