The changes come as part of a raft of changes to ‘refocus’ the business on its core markets and strengths, after it was rescued from administration by investors in May.
Abacus will now serve Russia and the Middle East through an existing network of agents and distributors. The company has retained its entire Chinese operation, including its manufacturing facility in Shanghai, and will keep a scaled-down presence in Singapore.
Cash flow problems arising from large investments in an ‘ambitious international growth strategy’ was one of the reasons given for Abacus’ insolvency two months ago – as well as an £8 million pension deficit.
In the UK, the company said it is making ‘significant investment’ in new products and services.
Steve Lamb (pictured), who replaced Andrew Morris-Richardson as Abacus’s managing director, said: ‘The UK Abacus business has always been profitable and remains so. Whilst the market is challenging, we have the right products and strategy to see significant growth opportunities in our market segments. Export is a key part of our business and it is important to stress that we are not exiting any overseas market. We are simply reverting to a proven method of doing business which has been very successful for Abacus in the past.’