Firm with 'millionaire moggie' goes to the wall


25-01-2001

Intersaver, a Cambridge-based online electrical goods retailer, is the latest dot com firm to go into receivership.

The company has stopped trading just six months after being valued at 100 million.



Intersaver also made the headlines when Ziggy, the office cat, was given shares in the company and became a millionaire moggie.



Six months on and Cambridgeshire Trading Standards office is fielding a stream of calls from worried customers, but it is unlikely anyone will lose out.



David Broughton, principal Trading Standards officer, said Intersaver founder, John Thornhill had put 100,000 of his own money into the kitty to make sure no customer would be out of pocket.



And customers who paid by credit card, provided the goods cost more than 100, can claim their money back from their credit card company.



'We've had a lot of inquiries from the public, but most people will not be out of pocket,' Mr Broughton said.



Intersaver, which was based in East Road, was formed a year ago to sell electrical goods at low prices over the internet.



'There were problems before Christmas,' Mr Broughton said. 'The company offered a free DVD player with every wide-screen TV. There were 500 customers, but no DVDs forthcoming.'



Mr Thornhill made sure 120 was paid to each of the disappointed customers, but soon after this the company stopped taking orders and the internet site is now closed.