Immediate redundancies of all but a handful of staff have been made following the appointment of administrators Michael Lennon and Mark Blackman from Kroll to Box, an online retailer specialising in tech and gaming.
Box, which was acquired by Tactus around two years ago, had annual sales of c£76m and just over 100 employees.
Michael Lennon of 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.”
Tactus has issued a statement in which it says that it has a substantial ongoing legal claim which it issued against five former directors of Box and that it is extremely disappointed that it has had to place Box into administration.
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