The PC Company managing director Colin Brown says he's been successful in negotiating a personal loan and will be able to appoint a receiver in the next day or so.
Brown, who has closed The PC Company branches, is trying to avoid having his creditors appoint a receiver and by taking out a personal loan says he will be able to pay back a portion of his company's debt. Being able to chose his own receiver rather than having one appointed by a major creditor gives Brown more control over the receivership process.
In a written statement Brown also says he has "been encouraged by several positive approaches today,” but was not in a position to say any more.
The PC Company closed its doors last week in an attempt to restructure to avoid permanent closure. Brown pulled the plug on the company late last week.