Wed, 03 Jan 2024 | ADMINISTRATION
Administrators are preparing for an asset sale following the collapse of a pair of companies that provided infrastructure for sports industry events. Cube Management (UK) Ltd and Cube Modular Ltd, part of the Cube International Group, had suffered from cash flow difficulties as a result of delays to global sporting events following the COVID-19 pandemic.
Joph Young and Conrad Beighton of Leonard Curtis were appointed as joint administrators to the companies, which are based in Worcester, on Thursday 21 December 2023. Leonard Curtis had been engaged to initiate a structured sale process in an effort to identify any parties interested in acquiring the group or its business and assets.
However, this could not be achieved and all staff at the firm were made redundant prior to the appointment of the joint administrators. The administrators will now begin a sale process for the company’s assets.
A statement read: "While considerable interest was generated, unfortunately a sale has not been possible. The administrators are now focused on the realisation of assets following their appointment."
The companies provided bespoke modular infrastructure for a range of events in the sports industry. This included ticket offices, temporary accommodation and office spaces, fan zones and pop-up retail stores.
In Cube International Group Limited’s accounts for the year ending March 31 2022, its turnover was reported as £13.3 million, up from £9.2 million a year earlier. However, the company fell from a pre-tax profit of close to £870,000 to a pre-tax loss of £162,023.
At the time, the group’s fixed assets were valued at £2.1 million and current assets at £7.1 million, with net assets amounting to £310,328, down from just under £833,000 a year earlier.
Find out more about how a wave of insolvencies at UK companies is creating opportunities for distressed acquisitions
Established by our client's in 2016, each building up excellent reputations within the trade and gaining regular, repeat customer bases. The business now comes to the market due our client's desire to relocate.
An exciting opportunity to acquire one of the region’s longest established carpet and flooring retailers and interior design businesses.
This exceptional independent estate agency in Dorset, established for over 15 years, offers a robust foundation with an average of 150 property listings that assure healthy cash flow and consistent profitability.
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.