Wed, 25 Nov 2015 | ADMINISTRATION
A company in East Anglia that makes dice has been bought out of administration, saving 26 jobs in the process.
Lee De'ath and Richard Toone of CVR Global were appointed as administrators of Dice & Games on 30 October. The company had fallen into administration due to financial difficulties that had been caused by an alleged fraud committed by one of its employees, Insider Media reported.
Dice & Games, which is based on the Chilton Industrial Estate in Sudbury, Suffolk, produces die and other hobby accessories for use in board games and casinos.
Immediately after the business entered administration talks were held with an unnamed buyer, and according to a newly filed report to creditors seen by Insider Media, an agreement has now been reached for the sale of the company, although the official details of the business acquisition are yet to be announced.
Interestingly, the report also went some way to explaining how Dice & Games had arrived in administration in the first place. It states that the company's financial problems resulted from "a fraud committed by an employee two years ago", which led to the firm being unable to meet its various tax liabilities and business rates.
This resulted in HM Revenue & Customs (HMRC) obtaining a Controlled Goods Agreement (CGA) on 15 September 2015 due to unpaid direct and social taxes of about £100,000. This eventually forced the hand of the company's owners to call in the administrators, with a seller quickly found.
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