Press Release: What’s next for troubled UK technology brand GoodBox Co Labs?
Since the announcement of its administration in June, it’s been a troubling time for the UK Fintech brand, The GoodBox Co Labs Ltd. However, Frost & Wadsted have been working hard to stabilise the business. As of today, the joint administrators are pleased to announce that attention has turned to the Brands future.
A series of well-publicised disputes and continued pressure from creditors had made further investment impossible for the technology-based company (which allows charitable donations to be made with the simple swipe of a payment card). Originally founded in 2016, GoodBox Co has successfully worked with many well-known charities and museums, receiving numerous accolades and awards for its payment device hardware along the way. However, despite its success, profit proved elusive, a position exacerbated (as with much of the charitable sector) by the pandemic.
A £9m convertible loan deal back in January 2021, involving the UK’s government scheme, Future Fund, was thought to be enough, however, revenue did not improve as quickly as initially hoped. Likewise, new investment opportunities also proved hard to come by for the Fintech brand, and long-term viability as a business was brought into question, resulting in the intervention of Frost & Wadsted as administrators in June 2022.
However, The GoodBox Co’s future looks a little more certain, as today Frost & Wadsted confirmed that investment packs had been sent to a number of potential investors around the business’ acquisition or to help fund a turnaround plan being put together with a long-term supplier. In addition, Frost & Wadsted were also able to confirm that the GoodBox Co’s innovative systems continue to perform well, with over £1 million in donations made to charities and museums during the administration. It is now hoped that with good investment and some entrepreneurial spirit, GoodBox Co can continue to trade successfully.
Jeremy Frost, Director of Frost Group Ltd, commented: “Our main priority at the moment is to generate offers and investment for GoodBox Co. We are very pleased with the proceedings so far and are confident that these measures will get GoodBox Co back to being the essential part of the charitable industry that it once was. For anyone interested in investing, please do get in touch with the team.”
Jeremy concluded that they were confident in the level of interest so far and saw this as the best measure to move the business forward and ensure a positive outcome for all parties involved.
