Jobs lost as online retailer enters administration
Tamworth-based online retailer, specialising in tech and gaming and employing over 100 staff, has entered administration, resulting in immediate redundancies for most West Midlands staff.
Michael Lennon and Mark Blackman from Kroll were named joint administrators of Box, based in Tamworth, on January 19, 2024.
Established 27 years ago, the company focused on gaming computers, laptops, and other tech products. Before administration, Box boasted an annual turnover of £76m and a workforce of 107.
Michael Lennon, managing director of Restructuring, Kroll, 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.”
It comes less than two years after Box was acquired by consumer tech group Tactus.
The joint administrators plan to collaborate with a select few remaining staff to wind down the business.
In a statement issued separately from that made by Kroll, a Tactus spokesperson said the following: “We are extremely disappointed that we have had to take the necessary steps to place Box into administration. There is a substantial ongoing legal claim which has been issued by Tactus Group against five former directors of Box and whilst this claim is ongoing, it is inappropriate to comment further. Despite the tireless work of its talented staff, these challenges proved unsurmountable.”
