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
This long-established, family-run butchers and bakery, operating from the same location for 130 years, offers a blend of history, reliability, and modern appeal, serving both retail customers and sectors like hospitality and education.
FREEHOLD
An established and profitable business specialising in everything baths, bedrooms, and kitchens is now available for acquisition.
LEASEHOLD
Opportunity to acquire a cherished retail pet supplies business located in the heart of Cornwall, offering a loyal customer base and thriving market potential.
LEASEHOLD
07
|
Jul
|
Independent property firm acquires Blackpool estate agent | BUSINESS SALE
An estate agent based in Blackpool has been acquired by grow...
07
|
Jul
|
Poke restaurant chain acquires rival | BUSINESS SALE
Honi Poke has acquired rival poke chain Island Poké i...
07
|
Jul
|
MSP Contrac IT set for M&A growth after acquisition by telecoms group | BUSINESS SALE
Venridge Limited, a Yorkshire-based managed services provide...
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.