Home > Latest News > Exclusive: Accessory Retailer Placed Into Liquidation As Squabble Breaks Out Among Distributors

Exclusive: Accessory Retailer Placed Into Liquidation As Squabble Breaks Out Among Distributors

Several distributors are fighting to get their hands on the database of Sydney-based accessories retailer and manufacturer Company Syntricate Asia Pty Ltd that was placed into liquidation last week, after a split between husband and wife shareholders.

ChannelNews understands the business that turned over around $1.4 to $1.5M a month in smartphone accessories had been the subject of several takeover offers prior to being placed into liquidation but the asking price for the online accessory site was “too high”, according to sources.

The business described itself as selling “cutting-edge when it came to the ranging of accessories for smartphones that many mass retailers failed to carry”.

ChannelNews understands that several suppliers are now owed millions following the failure of the Company that was established in 2003.

Among the businesses that tried to buy the accessories business last year was Cellnet.

The business described itself as only offering “Concurrently tested and hand-selected products” that were genuine and “authentic”.

The CEO of the business was Arunan Selvaratnam, who this week pulled down the site.

On January 9, a General Meeting of the business was held where it was resolved to place the business into liquidation, with the appointment of Sydney-based Neil Cussen and Jeremy Nipps as liquidators.

One supplier says, “This will cause problems among accessory suppliers, the value is in the database of their customers.”



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