According to a statement to CRN, Deloitte has confirmed that Clare Boardman and Richard Hawes, restructuring partners at the company, have been appointed as joint administrators of the £180m-revenue distributor.
The news has meant that 60 of its 100 workforce have been made redundant along with nine employees at Content Wall, the AV company it acquired in June, Channel Info has learned.
According to CRN, staff were informed of their predicament in a meeting yesterday afternoon.
Clare Boardman stated to CRN, "Beta Distribution has been experiencing increasing competition in the consumables market and this has placed it under a degree of liquidity pressure and has restricted the availability of credit to their suppliers.”
"It is a large importer of products from Europe and has, amongst other pressures, experienced issues with foreign exchange rates.
"Despite interest from a number of parties, no sale of the overall business was achieved and the directors took the decision to place the business into an insolvency process."
This represents the third sizeable distribution bankruptcy in as many years following the collapse of Steljes in 2016 and Entatech in 2017.
It is thought that the Belgian arm, Beta Distribution BV, is not subject to any insolvency process and continues to trade, according to Deloitte.