A rescue package involving new money from existing venture capital backer Newmarket Ventures, and an investment from an unidentified outside company was being wrapped up at Torch Computers Ltd of Cambridge as we went to press on Friday. Chairman Patrick Packenshaw-Walsh has left the company, and commercial director Peter Harris tendered his resignation on Friday. […]
A rescue package involving new money from existing venture capital backer Newmarket Ventures, and an investment from an unidentified outside company was being wrapped up at Torch Computers Ltd of Cambridge as we went to press on Friday. Chairman Patrick Packenshaw-Walsh has left the company, and commercial director Peter Harris tendered his resignation on Friday. Full details of the terms and details of the package put together for the UKP3.5m-a-year, 50-employee company will be announced to-day. The rescue is the second for a British Unix workstation manufacturer in 15 months – a similar package had to be put together for the then Whitechapel Computer Works Ltd in summer 1986. The cash was needed to enable Torch to bring its new Advanced Triple-X 68020-based workstation to market: the machine will now be shown at the MilComp exhibition at the Wembley Conference Centre, London tomorrow, and is said to incorporate an innovative reduced instruction set input-output controller; there are also plans to make the VMEbus CPU board available as an OEM product.
