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Sinclair Research Ltd is a British consumer electronics company founded by Clive Sinclair in
Cambridge Cambridge ( ) is a List of cities in the United Kingdom, city and non-metropolitan district in the county of Cambridgeshire, England. It is the county town of Cambridgeshire and is located on the River Cam, north of London. As of the 2021 Unit ...
in the 1970s. In 1980, the company entered the
home computer Home computers were a class of microcomputers that entered the market in 1977 and became common during the 1980s. They were marketed to consumers as affordable and accessible computers that, for the first time, were intended for the use of a s ...
market with the ZX80 at £99.95, at that time the cheapest personal computer for sale in the United Kingdom. A year later, the ZX81 became available through retailers, introducing home computing to a generation, with more that 1.5 million sold. In 1982 the
ZX Spectrum The ZX Spectrum () is an 8-bit computing, 8-bit home computer developed and marketed by Sinclair Research. One of the most influential computers ever made and one of the all-time bestselling British computers, over five million units were sold. ...
was released, becoming the UK's best selling computer, and competing aggressively against Commodore and
Amstrad Amstrad plc was a British consumer electronics company, founded in 1968 by Alan Sugar. During the 1980s, the company was known for its Home computer, home computers beginning with the Amstrad CPC and later also the ZX Spectrum range after the ...
. A combination of the failures of the Sinclair QL computer and the TV80 pocket television led to financial difficulties in 1985, and a year later Sinclair sold the rights to its computer products and brand name to Amstrad. Sinclair Research Ltd continued to exist as a one-man company, marketing Clive Sinclair's inventions.


History


Founding and early years

On 25 July 1961, Clive Sinclair founded his first company, Sinclair Radionics Ltd. in
Cambridge Cambridge ( ) is a List of cities in the United Kingdom, city and non-metropolitan district in the county of Cambridgeshire, England. It is the county town of Cambridgeshire and is located on the River Cam, north of London. As of the 2021 Unit ...
. The company developed
hi-fi High fidelity (hi-fi or, rarely, HiFi) is the high-quality reproduction of sound. It is popular with audiophiles and home audio enthusiasts. Ideally, high-fidelity equipment has inaudible noise and distortion, and a flat (neutral, uncolored) ...
products, radios, calculators and scientific instruments.Sinclair Radionics advertisement
March 1963
page 876
(further details a
page 877
''Practical Wireless,'' as photo-archived at WorldRadioHistory.com, retrieved May 21, 2023.
When it became clear that Radionics was failing, Sinclair took steps to ensure that he would be able to continue to pursue his commercial goals. In February 1975, he changed the name of Ablesdeal Ltd (a shelf company he had bought in September 1973 for just such an eventuality) to Westminster Mail Order Ltd. The name was changed to Sinclair Instrument Ltd in August 1975. Finding it inconvenient to share control after the National Enterprise Board became involved in Radionics in 1976, Sinclair encouraged Chris Curry to leave Radionics, which he had worked for since 1966, and get Sinclair Instrument operational. The company's first product was a watch-like Wrist Calculator.


Calculators

The
Sinclair Executive The Sinclair Executive was the world's first "slimline" pocket calculator, and the first to be produced by Clive Sinclair's company Sinclair Radionics. Introduced in 1972, the calculator was produced in at least two versions with different ke ...
was introduced in 1972 as the first calculator which could easily be carried in a pocket. It was also significantly cheaper than similarly featured 4-function calculators available at the time. The Sinclair Cambridge was launched in 1973 as a basic calculator and later in several enhanced versions supporting memory, advanced mathematical functions, and programmability. The Sinclair Scientific featuring trigonometric and logarithmic functions and employing Reverse Polish Notation was introduced in 1974.


Development of the ZX80

In July 1977, Sinclair Instrument Ltd was renamed Science of Cambridge Ltd. Around the same time, Ian Williamson showed Chris Curry a prototype microcomputer based on a National Semiconductor SC/MP
microprocessor A microprocessor is a computer processor (computing), processor for which the data processing logic and control is included on a single integrated circuit (IC), or a small number of ICs. The microprocessor contains the arithmetic, logic, a ...
and parts from a Sinclair calculator. Curry was impressed and encouraged Sinclair to adopt it as a product. In June 1978, Science of Cambridge launched its MK14 microcomputer in kit form. In May 1979, Jim Westwood, Sinclair's chief engineer, designed a new microcomputer based on the
Zilog Z80 The Zilog Z80 is an 8-bit computing, 8-bit microprocessor designed by Zilog that played an important role in the evolution of early personal computing. Launched in 1976, it was designed to be Backward compatibility, software-compatible with the ...
microprocessor. Sinclair Instrument Ltd introduced the computer as the ZX80 in February 1980, as both a kit and ready-built. In November 1979, Science of Cambridge Ltd was renamed Sinclair Computers Ltd.


Commercial success and home computers

In March 1981, Sinclair Computers was renamed Sinclair Research Ltd and the
Sinclair ZX81 The ZX81 is a home computer that was produced by Sinclair Research and manufactured in Dundee, Scotland, by Timex Corporation. It was launched in the United Kingdom in March 1981 as the successor to Sinclair's ZX80 and designed to be a low- ...
was launched. In February 1982, Timex Corporation obtained a license to manufacture and market Sinclair's computers in the USA under the name Timex Sinclair. In April the
ZX Spectrum The ZX Spectrum () is an 8-bit computing, 8-bit home computer developed and marketed by Sinclair Research. One of the most influential computers ever made and one of the all-time bestselling British computers, over five million units were sold. ...
was launched. In July Timex launched the TS 1000 (a version of the ZX81) in the United States. In March 1982 Sinclair Research Ltd made an £8.55m profit on turnover of £27.17m, including a £383,000 government grant to develop a flat screen. In 1982 Clive Sinclair converted the Barker & Wadsworth mineral water bottling factory at 25 Willis Road, Cambridge, into the company's new headquarters. (Following Sinclair's financial troubles, the premises were sold to Cambridgeshire County Council in December 1985.) In January 1983 the ZX Spectrum personal computer was presented at the
Las Vegas Las Vegas, colloquially referred to as Vegas, is the most populous city in the U.S. state of Nevada and the county seat of Clark County. The Las Vegas Valley metropolitan area is the largest within the greater Mojave Desert, and second-l ...
Consumer Electronics Show CES (; formerly an initialism for Consumer Electronics Show) is an annual trade show organized by the Consumer Technology Association (CTA). Held in January at the Las Vegas Convention Center in Winchester, Nevada, United States, the event typi ...
. In September the Sinclair TV80 pocket
television Television (TV) is a telecommunication medium for transmitting moving images and sound. Additionally, the term can refer to a physical television set rather than the medium of transmission. Television is a mass medium for advertising, ...
was launched, but was a commercial failure. In 1983 the company bought Milton Hall in the village of Milton, Cambridgeshire, for £2m, establishing its ''MetaLab'' research and development facility there. In late 1983 Timex decided to pull out of the Timex Sinclair venture which, due to strong competition, had failed to break into the United States market. However, Timex computers continued to be produced for several years in other countries. Timex Portugal launched improved versions, the TS 2048 and 2068; that company also developed and launched the FDD3000, a
floppy disk A floppy disk or floppy diskette (casually referred to as a floppy, a diskette, or a disk) is a type of disk storage composed of a thin and flexible disk of a magnetic storage medium in a square or nearly square plastic enclosure lined with a ...
system, although it was not well received by the market.


Mid-1980s developments

The Sinclair QL was announced on 12 January 1984, shortly before the
Apple Macintosh Mac is a brand of personal computers designed and marketed by Apple Inc., Apple since 1984. The name is short for Macintosh (its official name until 1999), a reference to the McIntosh (apple), McIntosh apple. The current product lineup inclu ...
went on sale. The QL was nowhere near as successful as Sinclair's earlier computers. It suffered from several design flaws, and '' Your Sinclair'' noted that it was "difficult to find a good word for Sinclair Research in the computer press". Fully working QLs were not available until late summer and complaints against Sinclair regarding delays were upheld by the Advertising Standards Authority in May of that year. (In 1982 it had upheld complaints about delays in shipping Spectrums.) Especially severe were allegations that Sinclair was cashing cheques months before machines were shipped. In the autumn Sinclair was still publicly predicting it would be a "million seller", and that 250,000 would be sold by the end of the year. QL production was suspended in February 1985, and the price was halved by the end of the year. The ZX Spectrum+, a repackaged ZX Spectrum with a QL-like keyboard, was launched in October 1984 and appeared in WHSmith's shops the day after release. Retailers stocked the machine in large numbers in expectation of good Christmas sales. However, the machine did not sell as well as expected and, because retailers still had unsold stock, Sinclair's income from orders dipped alarmingly in January. The Spectrum+ had the same technical specifications as the original Spectrum. An enhanced model, the ZX Spectrum 128, was launched in Spain in September 1985, with development funded by the Spanish distributor Investronica. The UK launch of this was delayed until January 1986, because retailers had large unsold stocks of the previous model. At the January 1985 Las Vegas Consumer Electronics Show, Sinclair re-entered the United States market, announcing the "FM Wristwatch Radio", an LCD
wristwatch A watch is a timepiece carried or worn by a person. It is designed to maintain a consistent movement despite the motions caused by the person's activities. A wristwatch is worn around the wrist, attached by a watch strap or another type of ...
with a
radio Radio is the technology of communicating using radio waves. Radio waves are electromagnetic waves of frequency between 3  hertz (Hz) and 300  gigahertz (GHz). They are generated by an electronic device called a transmitter connec ...
attached. However, the watch had several problems and never went into full production. Sinclair had long had an interest in electric vehicles, and during the early 1980s he worked on the design of a single-seater "personal vehicle", eventually starting a company called Sinclair Vehicles Ltd in March 1983. He launched the
Sinclair C5 The Sinclair C5 is a small one-person battery electric vehicle, battery electric Recumbent bicycle, recumbent tricycle, technically an "electrically assisted pedal cycle". It was the culmination of Sir Clive Sinclair's long-running interest in el ...
electric vehicle on 10 January 1985, but it was a commercial disaster, selling only 17,000 units and losing Sinclair £7,000,000. Sinclair Vehicles went into liquidation later the same year. The failure of the C5, combined with those of the QL and the TV80, caused investors to lose confidence in Sinclair's judgement.


Amstrad acquisition of assets

Sinclair Research had reportedly intended a public offering of shares on 12 March 1985, but this offering was postponed, ostensibly due to turmoil in the microcomputer industry, with
Acorn Computers Acorn Computers Ltd. was a British computer company established in Cambridge, England in 1978 by Hermann Hauser, Christopher Curry (businessman), Chris Curry and Andy Hopper. The company produced a number of computers during the 1980s with asso ...
undergoing refinancing, and other companies such as Sinclair's competitor Oric and distributor Prism entering receivership. Although the collapse of the latter was not expected to have a significant effect on Sinclair's ability to reach customers, the observation was made that "Sir Clive would not be trying to go public unless he thought he could use the cash", indicating that the postponement of an offering whose timing would have been planned for optimal effect would be a setback for the company. On 28 May 1985, Sinclair Research had announced it wanted to raise an extra £10m to £15m to restructure the organisation. Given the loss of confidence in the company, the money proved hard to find. In June 1985, business magnate
Robert Maxwell Ian Robert Maxwell (born Ján Ludvík Hyman Binyamin Hoch; 10 June 1923 – 5 November 1991) was a Czechoslovakia, Czechoslovak-born British media proprietor, politician and fraudster. After escaping the German occupation of Czechoslovakia, ...
announced a takeover of Sinclair Research, through Hollis Brothers, a subsidiary of his Pergamon Press. However, the deal was aborted in August 1985. The future of Sinclair Research remained uncertain until 7 April 1986, when the company sold its entire computer product range, and the "Sinclair" brand name, to
Amstrad Amstrad plc was a British consumer electronics company, founded in 1968 by Alan Sugar. During the 1980s, the company was known for its Home computer, home computers beginning with the Amstrad CPC and later also the ZX Spectrum range after the ...
for £5 million. The deal did not include the company itself, only its name and products.


Spin-offs

Sinclair Research was reduced to an R&D business and a
holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...
, with shareholdings in several new "spin-off" companies formed to exploit technologies developed by the main company. These included Anamartic Ltd ( wafer-scale integration), Shaye Communications Ltd ( CT2 mobile telephony) and Cambridge Computer Ltd ( Z88 portable computer and
satellite television Satellite television is a service that delivers television programming to viewers by relaying it from a communications satellite orbiting the Earth directly to the viewer's location.ITU Radio Regulations, Section IV. Radio Stations and Systems ...
receivers).


Return to invention

Since 1986, the company has continued to exist, but in a completely different form. In 1993, 1994, and 1995 Sinclair made continuing losses on decreasing turnover. Investors became worried that Clive Sinclair himself was using his own personal wealth to fund his inventions. By 1990 the company's entire staff had been reduced to just Sinclair himself, a salesman/administrator, and an R&D employee. By 1997 only Sinclair himself was working at his company. In 1992, the " Zike" electric bicycle was released, Sinclair's second attempt at changing people's means of transport. It had a maximum speed of , and was only available by mail order. Much like the C5, the "Zike" was a commercial failure, and sold only 2,000 units. In 1999 Sinclair released the world's smallest radio, in the form of the "Z1 Micro AM Radio". In 2003, the Sinclair "ZA20 Wheelchair Drive Unit" was introduced, designed and manufactured in conjunction with Hong Kong's Daka Designs, a partnership which also led to the SeaDoo Sea Scooter underwater propulsion unit. July 2006 saw the release of the A-bike, a
folding bicycle A folding bicycle is designed to be compacted into a smaller, more manageable size or shape, making it easier to store or carry . When folded, the bikes can be more easily carried into buildings, on public transportation (facilitating mixed-mo ...
invented by Sinclair, which was on sale for £200. It had been originally announced two years previously. In November 2010, Sinclair Research announced the X-1 two-wheel electric vehicle, which failed to reach production.


Products

;Wrist Calculator The Wrist Calculator was released by Sinclair Instrument in 1977. ;Multimeter DM2 A digital
multimeter A multimeter (also known as a multi-tester, volt-ohm-milliammeter, volt-ohmmeter or VOM, avometer or ampere-volt-ohmmeter) is a measuring instrument that can measure multiple electrical properties. A typical multimeter can measure voltage, elec ...
with an LED display, measuring voltage (DC and AC), current and resistance, released in 1975. ;MK14 The MK14 (Microcomputer Kit 14) was a computer kit sold by Science of Cambridge, introduced in 1977 for £39.95. ;ZX80 The ZX80
home computer Home computers were a class of microcomputers that entered the market in 1977 and became common during the 1980s. They were marketed to consumers as affordable and accessible computers that, for the first time, were intended for the use of a s ...
was launched in February 1980 at £79.95 in kit form and £99.95 ready-built. In November of the same year Science of Cambridge was renamed Sinclair Computers Ltd. ;ZX81 The ZX81 (known as the TS 1000 in the United States) was priced at £49.95 in kit form and £69.95 ready-built, by mail order. ;ZX Spectrum The
ZX Spectrum The ZX Spectrum () is an 8-bit computing, 8-bit home computer developed and marketed by Sinclair Research. One of the most influential computers ever made and one of the all-time bestselling British computers, over five million units were sold. ...
was launched on 23 April 1982, priced at £125 for the 16 KB RAM version and £175 for the 48 KB version. ;TV80 The TV80 was a pocket
television Television (TV) is a telecommunication medium for transmitting moving images and sound. Additionally, the term can refer to a physical television set rather than the medium of transmission. Television is a mass medium for advertising, ...
. Launched in September 1983, it used a flattened CRT unlike Sinclair's previous portable televisions. The TV80 was a commercial failure selling only 15,000 units and not covering its development costs of £4m. ;Sinclair QL The Sinclair QL was announced in January 1984, priced at £399. Marketed as a more sophisticated
32-bit In computer architecture, 32-bit computing refers to computer systems with a processor, memory, and other major system components that operate on data in a maximum of 32- bit units. Compared to smaller bit widths, 32-bit computers can perform la ...
microcomputer for professional users, it used a Motorola 68008 processor. Production was delayed by several months, due to unfinished development of hardware and software at the time of the QL's launch. Hardware reliability problems and software bugs resulted in the QL acquiring a poor reputation from which it never recovered. ;ZX Spectrum+ The ZX Spectrum+ was a repackaged ZX Spectrum 48K, launched in October 1984. ;ZX Spectrum 128 The ZX Spectrum 128, with RAM expanded to 128 kB, a sound chip and other enhancements, was launched in Spain in September 1985 and the UK in January 1986, priced at £179.95. ;Computer peripherals Sinclair created various peripherals for its computers, including memory expansion modules, the ZX Printer, and the ZX Interface 1 and ZX Interface 2 add-ons for the ZX Spectrum. A number of QL peripherals were developed by other companies but marketed under the Sinclair brand. External storage for the Spectrum was usually on
cassette tape The Compact Cassette, also commonly called a cassette tape, audio cassette, or simply tape or cassette, is an analog audio, analog magnetic tape recording format for Sound recording and reproduction, audio recording and playback. Invented by L ...
s, as was common in that era. Rather than an optional
floppy disk drive A floppy disk or floppy diskette (casually referred to as a floppy, a diskette, or a disk) is a type of disk storage composed of a thin and flexible disk of a magnetic storage medium in a square or nearly square plastic enclosure lined with a ...
, Sinclair instead opted to offer its own
mass storage In computing, mass storage refers to the storage of large amounts of data in a persisting and machine-readable fashion. In general, the term ''mass'' in ''mass storage'' is used to mean ''large'' in relation to contemporaneous hard disk drive ...
system, the ZX Microdrive, a tape-loop cartridge system that proved unreliable. This was also the primary storage device for the QL. ;X1 Button FM Radio In June 1997 Sinclair Research released the X1 radio for £9.50. This miniature mono
FM radio FM broadcasting is a method of radio broadcasting that uses frequency modulation (FM) of the radio broadcast carrier wave. Invented in 1933 by American engineer Edwin Armstrong, wide-band FM is used worldwide to transmit high fidelity, high-f ...
, powered by a CR2032 battery, had a fixed volume and was inserted in the ear. The X1 radio had three buttons, an on/off switch, a ''Scan'' button, and a ''Reset'' button to restart the scanning process. It came with a short length of aerial and a detachable ear hook.


Cancelled projects

The following computer products were under development at Sinclair Research during the 1980s but never reached production: ;LC3 Standing for "Low Cost Colour Computer", the ''LC3'' was developed during 1983 by Martin Brennan and was intended to be a cheap Z80-based games console implemented in two chips, using ROM and (non-volatile) RAM cartridges for storage. A multi-tasking
operating system An operating system (OS) is system software that manages computer hardware and software resources, and provides common daemon (computing), services for computer programs. Time-sharing operating systems scheduler (computing), schedule tasks for ...
for the ''LC3'', with a full windowing GUI, was designed by Steve Berry. It was cancelled in November 1983 in favour of the QL. ;SuperSpectrum Intended to be a 68008-based
home computer Home computers were a class of microcomputers that entered the market in 1977 and became common during the 1980s. They were marketed to consumers as affordable and accessible computers that, for the first time, were intended for the use of a s ...
, equipped with built-in ZX Microdrive, joystick, RS-232 and ZX Net ports. Sinclair's SuperBASIC programming language was originally intended for this model but was later adopted for the QL. ''SuperSpectrum'' was cancelled in 1982 after the specification of the ''ZX83'' (QL) had converged with it. This project is not to be confused with ''Loki'', which was described as the "SuperSpectrum" in an article in the June 1986 issue of '' Sinclair User'' magazine. ;Pandora This was to be a portable computer with an integral flat-screen CRT display. Initially to be
ZX Spectrum The ZX Spectrum () is an 8-bit computing, 8-bit home computer developed and marketed by Sinclair Research. One of the most influential computers ever made and one of the all-time bestselling British computers, over five million units were sold. ...
-compatible with a faster Z80 CPU, a built-in ZX Microdrive and a new 512×192-pixel monochrome video mode. Due to the limited size of flat CRT that could be manufactured, a series of folding lenses and mirrors were necessary to magnify the screen image to a usable size. The project was cancelled after the Amstrad take-over, but the ''Pandora'' concept eventually transformed into the Cambridge Computer Z88. ;
Loki Loki is a Æsir, god in Norse mythology. He is the son of Fárbauti (a jötunn) and Laufey (mythology), Laufey (a goddess), and the brother of Helblindi and Býleistr. Loki is married to the goddess Sigyn and they have two sons, Narfi (son of Lo ...
This project was intended to create a greatly enhanced
ZX Spectrum The ZX Spectrum () is an 8-bit computing, 8-bit home computer developed and marketed by Sinclair Research. One of the most influential computers ever made and one of the all-time bestselling British computers, over five million units were sold. ...
, possibly rivalling the Commodore Amiga. ''Loki'' was to have a 7 MHz Z80H CPU, 128 KiB of RAM, and two custom chips providing much enhanced graphics and audio capabilities. After the Amstrad buy-out in 1986, two engineers who had worked on the project, John Mathieson and Martin Brennan, founded Flare Technology to continue their work. ;Bob/Florin According to Rupert Goodwins, this was a project to produce an add-on
floppy disk A floppy disk or floppy diskette (casually referred to as a floppy, a diskette, or a disk) is a type of disk storage composed of a thin and flexible disk of a magnetic storage medium in a square or nearly square plastic enclosure lined with a ...
drive for the
ZX Spectrum The ZX Spectrum () is an 8-bit computing, 8-bit home computer developed and marketed by Sinclair Research. One of the most influential computers ever made and one of the all-time bestselling British computers, over five million units were sold. ...
. ;Tyche This codename was assigned to a QL follow-on project running from 1984 to 1986. Among the features associated with ''Tyche'' were increased RAM capacity, internal
floppy disk A floppy disk or floppy diskette (casually referred to as a floppy, a diskette, or a disk) is a type of disk storage composed of a thin and flexible disk of a magnetic storage medium in a square or nearly square plastic enclosure lined with a ...
drives, the Psion ''Xchange'' application suite on ROM, and possibly the GEM GUI. ;Janus This name has been associated with a design concept for a "Super QL" based on wafer-scale integration technology. ;Proteus This was rumoured to be a hypothetical portable version of the QL similar to ''Pandora''. ;Sinclair X-1 In November 2010 Sinclair told ''
The Guardian ''The Guardian'' is a British daily newspaper. It was founded in Manchester in 1821 as ''The Manchester Guardian'' and changed its name in 1959, followed by a move to London. Along with its sister paper, ''The Guardian Weekly'', ''The Guardi ...
'' newspaper that he was working on a new prototype electric vehicle, called the X-1, to be launched within a year. "Technology has moved on quite a bit, there are new batteries available and I just rethought the thing. The C5 was OK, but I think we can do a better job now." The two-wheel X-1 was to have been available in July 2011 at the price of £595, but failed to reach production.


See also

* Sinclair BASIC *
Sinclair C5 The Sinclair C5 is a small one-person battery electric vehicle, battery electric Recumbent bicycle, recumbent tricycle, technically an "electrically assisted pedal cycle". It was the culmination of Sir Clive Sinclair's long-running interest in el ...
*
Sinclair Executive The Sinclair Executive was the world's first "slimline" pocket calculator, and the first to be produced by Clive Sinclair's company Sinclair Radionics. Introduced in 1972, the calculator was produced in at least two versions with different ke ...
*
Sinclair Radionics Sinclair Radionics Ltd was a company founded by Sir Clive Sinclair in Cambridge, England which developed hi-fi products, radios, calculators and scientific instruments. History After raising funds to start the business by writing articles ...
* Sinclair Scientific * Sinclair Vehicles * Timex Sinclair * TV80 * Sinclair President


References


Further reading

* Adamson, Ian; Kennedy, Richard (1986). ''Sinclair and the "Sunrise" Technology''. London: Penguin Books. 224 pp. . * Dale, Rodney (1985). ''The Sinclair Story''. London: Duckworth. 184 pp. . * Tedeschi, Enrico (1986). ''Sinclair Archaeology: The Complete Photo Guide to Collectable Models''. Portslade: Hove Books. 130 pp. .


External links


Sinclair Nostalgia Products



Planet Sinclair

'Pocket TVs failed before. What's changed?', BBC News Magazine article

ZX81 Online Museum

www.1000bit.net, 1000BiT Sinclair's section


{{Amstrad Sinclair Research, Defunct computer companies of the United Kingdom Defunct computer hardware companies Defunct computer systems companies Electronics companies of the United Kingdom Defunct software companies of the United Kingdom Electronics companies established in 1973 Electronics companies disestablished in 2021 Computer companies established in 1973 Computer companies disestablished in 2021 Companies based in Cambridge Defunct companies based in London British companies established in 1973 British companies disestablished in 2021 1986 mergers and acquisitions 1973 establishments in England