Wed, 24 Jan 2024 | ADMINISTRATION
Box Limited, an online tech and gaming retailer based in the West Midlands, has fallen into administration and ceased trading. The majority of the Tamworth-based company’s 100-plus workforce were made redundant upon the appointment of Michael Lennon and Mark Blackman of Kroll as joint administrators on January 19.
The company, an online retailer of gaming and technology-related products including laptops and bespoke gaming computers, had been trading for around 27 years. In its last available accounts at Companies House, for the period from October 31 2020 to March 31 2022, the company reported turnover of £139.5 million, but fell to a pre-tax loss of £2.3 million.
Prior to its administration, the company was reported to have annual turnover of around £76 million. However, according to administrators, the firm had experienced financial difficulties and was unable to continue trading in its present form.
Trading operations have ceased during the administration process, with the majority of staff made redundant and a small number retained to assist in an orderly wind-down of the company.
In a statement, joint administrator Michael Lennon said: "The company has faced financial difficulties due to peak trading over the Christmas period being below forecast expectations. This led to immediate liquidity challenges which could not be remedied in the short term.”
"Unfortunately, overall trading was not strong enough for the business to continue in its present format. Our immediate priority is to provide support to all the employees impacted by the administration."
In the company’s accounts for the period ending March 31 2022, its total assets were valued at around £29.1 million, with total equity standing at approximately £6.7 million.
Read about how sectors such as retail are suffering as a result of low consumer confidence, leading to rising insolvency rates
The Company supplies Marketing and Sales professionals, for both large corporate organisations and SMEs, with all their branded and promotional material needs from brochures, banners, and exhibition stands to branded pens, notebooks, power banks, and...
LEASEHOLD
A well-established and thriving grocery business, recently expanded into the neighbouring premises to accommodate a growing customer base. With increased assets and turnover, this popular store has become a cornerstone of the local community, offerin...
LEASEHOLD
A retailer that sources a wide range of vehicles and then sells them on to customers at discounted prices. The dealership specializes in high-performance, prestige and luxury cars, ranging from Audis and Range Rovers to high-calibre Porsches.
LEASEHOLD
12
|
Feb
|
TBG Furniture secures new PE backing from Blandford Capital | BUSINESS SALE
TBG Furniture has secured new private equity backing from Bl...
11
|
Feb
|
Kara Healthcare expands with landmark acquisition | BUSINESS SALE
Kara Healthcare has bought seven care homes as it continues ...
11
|
Feb
|
PE group Endless sells Karnova Food Group to US outfit OSI | BUSINESS SALE
Private equity group Endless has sold Karnova Food Group to ...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.