Mettoy struggles no more

Mettoy, the struggling Corgi-toy giant which originally developed the Dragon 32 computer, has gone into receivership.

It was Mettoy’s continuing financial problems which forced the company to sell off its Dragon 32 computer venture to Dragon Data in November last year, retaining only an 18 percent share.

In September this year, when Dragon itself ran into cash-flow problems, Mettoy was unable to contribute to a £2.5m rescue plan, and its shareholding in ‘ Dragon was further diminished to 15.5 percent.

Now Mettoy’s receivers will be looking for a buyer for the company’s share of Dragon but, so far, no likely candidates have emerged.

Commenting on Mettoy’s failure, Dragon Data’s new managing director, Brian Moore, appointed after the Prutech rescue in September, said: “Dragon Data is a fully independent company and the news of Mettoy’s receivership can have no significant effect on the running of this company.”

Mettoy’s collapse has long seemed. probable. At the end of 1982 the company’s debts stood at £10.5m. Deloitte, Haskins and Sells have been appointed as receivers.