The Collins Road laptops business has a turnover of approximately £5 million and employs 25 staff.

In a statement it said: "The failure is partly attributed to the cashflow difficulties as a result of stock misappropriation by a former employee.

"This led to suppliers reducing credit limits, with further adverse impact upon cash flows."

Dominic Wong and David Langton of Deloitte have been appointed as administrators and a skeleton staff kept on while a buyer is sought.

The award-winning company was brought to its knees by Long Itchington gambling addict Paul Bicknell, 24, of Stockton Road, who is currently serving a three-year sentence after admitting nine charges of theft totalling more than £220,000 and one of burgling the Rock premises.

In March a court heard how "fantasist" Bicknell had been taken on by the firm when he was just 16 and had become head of sales.

In 2005 he became the main contact for CFA Trading who found him "helpful and willing to assist" with their purchases.

The company paid by credit card - but became concerned in 2006 when they saw payments were going through the accounts of forecourt garages rather than into Rock's.

At the same time Bicknell was driving Aston Martins and Porsches and living an extravagant lifestyle in what was described as "a fantasy world".

Unknown to anyone, he was also gambling late into the night online - and beginning to chase losses.

He explained his expensive trappings by saying he was adopted and that his real mother, who he claimed lived in the US and was an heiress, was sending him money. But after being confronted in July last year, he resigned from Rock Computers.

The next month he let himself in to the warehouse and stole computers worth £11,497, which he sold.

The total loss to Rock was £220,000 - but when the courts tried to return some of the cash only a nominal payment of £1 could be made, because Bicknell was penniless.