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.
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