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
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