A COLLAPSE in business at one of Hampshire’s oldest established computer firms has forced it to call in administrators and put scores of jobs at risk.

Minstead based Triangle Computer Services went to the wall after a “dramatic fall in demand” saw income plummet to just ten per cent of forecast levels.

The Daily Echo understands founder Jim Chapman is attempting to buy two “highly successful” parts of the business back for an undisclosed sum.

But he was unable to confirm either that he had been successful or how many of Triangle’s 100 staff would keep their jobs.

Founded in 1982, Triangle counts industry giants such as IBM and Microsoft among its business partners, but has seen trade dwindle from a peak of £41m in 2005 to £26m in 2007, when it reportedly lost £976,000.

As the recession started to bite, companies started to put the brakes on IT projects until by January this year income had shrivelled to just ten per cent of the what bosses had anticipated.

The company said no “major clients” have been lost as a result of the difficulties and claimed that, thanks to Mr Chapman’s intention to buy the retail manager and services arms of the business back, none would experience a loss of service.

Mr Chapman said: “After 27 years of nurturing a company that has become an international award- winning success and was once the largest privately owned IT group in Europe, it is very sad that extraordinary economic conditions have led to this action.

“We are doing everything in our power to minimise job losses and to mitigate the effects to our loyal supplier base.

“We recognised that any delay in taking this action would have exposed our suppliers to a potentially greater loss and staff retention would have been extremely difficult.

“By saving the successful parts of the business we now aim to retain as many of our valuable employees as possible and continue to have a positive effect on the local economy.

“We have been left with no choice but to take the action we have in the prevailing circumstances. While I bitterly regret the closing of long established divisions of the business, I am confident that the quality of our established retail manager product and the reputation of our services team will provide the platform for a successful business in the future.”