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
Headquartered at a freehold site in North Wales, with various additional dealerships in Wales and the North of England. This company is involved in the sale, maintenance and repair of farming equipment,
FREEHOLD
Established in 1998, this designer children's boutique represents the pinnacle of independent retailing in the Midlands, situated prominently on Leicester High Street. Offering an extensive array of designer children's clothing from over 30 esteemed...
LEASEHOLD
Established in 1997, this is a reputable family-run business specialising in designing, sourcing, and installing premium kitchens and bathrooms, with some involvement in bedrooms as well. Situated in an affluent area of Surrey, the business has garne...
LEASEHOLD
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.