Press Release: Frost and Wadsted appointed as joint Administrators for GoodBox Co (In Administration)
Continuous pressure from creditors, as well as a well-publicised intra-board dispute that made further investment impossible, has resulted in British payment start-up, The GoodBox Co Labs Ltd (In Administration), succumbing to administration. Jeremy Frost and Patrick Wadsted of Frost Group Ltd were appointed as joint administrators on 28 June 2022. Please note that the affairs, business and property of the Company are being managed by the Joint Administrators and that the Joint Administrators act as agents of the Company and contract without personal liability. Should you have any questions regarding the Administration, please contact the Joint Administrators on 0203 747 7004 or by email to: goodboxcustomer@frostbr.co.uk.
The UK-based technology brand, which allows charitable donations to be made with the simple swipe of a payment card, was founded in 2016 and has worked with a large number of charities. As with much of the charitable sector, it was hit hard by the pandemic, yet managed to raise £9m in a convertible loan deal through the UK government scheme, Future Fund, in January 2021.
Unfortunately, revenues have not improved as quickly as hoped and, despite the significant investment raised, the lack of an ability to raise the further sums necessary to make the business viable on a long-term basis has required the intervention of Administrators.
Jeremy Frost, Director of Frost Group Ltd, commented: “GoodBox Co are an essential part of the funding infrastructure within the charitable industry. Their IT systems allow valuable donations to reach much-needed charities. It is therefore essential that they can continue their great work.”
He continued: “It is a pity that the board disputes have led to the current situation, however, we are hopeful that a restructuring plan will allow the company to survive and ensure the next round of funding can be secured. We are working with various parties to secure a positive outcome, one which continues to allow charities across the UK to receive valuable donations.”
Jeremy concluded that all client monies are and will remain safe and they are hopeful of a positive outcome for all parties involved.
