Fri, 10 Jul 2020 | ADMINISTRATION
Mobile phone refurbishment company Redeem UK has gone into administration. The firm, which also operates the Envirofone brand and has operations in Dubai, Estonia, Spain and Sweden, has appointed Chris Pole and Rick Harrison of KPMG as joint administrators.
The administrators say they have been tasked with “taking steps to wind these businesses down” and will be seeking a buyer for the Spanish buyer. 118 of Redeem’s 130 staff have been made redundant, with the remainder retained to assist in shutting the business down.
Joint administrator and KPMG partner Chris Pole said: "Like many businesses, Redeem Group has been severely impacted by COVID-19 and the business has been in hibernation since March.”
"The directors had been working with customers and stakeholders to secure new funding into the business to support a reopening, but, unfortunately, this has not been possible and has led the directors to take the difficult decision of placing the company into administration.”
Redeem specialises in refurbishing and reselling old mobile phones and devices. Its business grew in recent years as new devices became more expensive and consumers became more environmentally conscious. Redeem worked with providers O2 and Three on trade-in and recycle services, as well as serving consumers directly through Envirofone.
However, the company has suspended operations since the onset of the coronavirus pandemic, with all employees furloughed through the government’s job retention scheme.
In its most recent accounts, to the 18 months ending September 30 2018, Redeem UK Ltd registered revenue of over £82 million, with an operating loss of £1.1 million. At the time, the company’s total assets were valued at around £11.3 million, with total liabilities standing at £8.6 million.
Chris Pole added: "All affected staff have been informed and we will provide the assistance they need to make the relevant claims. We'd like to thank all employees for the support, service and Co-operation they have provided to the company, both before and during the administration.
"Our focus over the coming days is to realise the remaining assets and find a purchaser for the Group's Spanish business."
Find businesses for sale here.
If you are looking for an exit, we can help!
The company produces and supplies a wide range of coffee products created using ethically sourced beans from South America. The core products comprise wholebeans, grounds, single-origin roasts, blends, cold brews and compostable pods.
LEASEHOLD
The company offers an extensive range of luxury cars, including vehicles from prestigious manufacturers such as Aston Martin, Ferrari, Lamborghini and Rolls Royce. The business operates with a unique showroom-free approach, utilising a dedicated onli...
FREEHOLD
The company offers the sale of fashion jewellery, lingerie, and sexual health products and toys, pyjamas, gym clothing, beachwear, and PPE. Priding itself on its high-quality products and exceptional customer service, the company offers its produc...
LEASEHOLD
03
|
Feb
|
Social media marketing firm acquired at up to 41.6x operating profit | BUSINESS SALE
Manchester-based social media and influencer marketing agenc...
03
|
Feb
|
Pub group planning to sell 1,000 sites as pressures on hospitality mount | COMMERCIAL PROPERTY
Stonegate Group, the UK’s largest pub company, is repo...
02
|
Feb
|
Babble hits 12 acquisitions in a year with double takeover | BUSINESS SALE
London-based cloud technology firm Babble has continued its ...
Sign up to receive our acquisition alert emails to get your FREE guide
10
|
Mar
|
£32m turnover Angus Steakhouse appeals to landlords with administration looming | ADMINISTRATION
London’s popular Angus Steakhouse chain has appealed t...
21
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
09
|
Dec
|
Administrators seek buyer for garden machinery firm | ADMINISTRATION
Shropshire-based garden machinery company Oakley’s has...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources