Administrators acting for The GoodBox Co Labs Ltd report some progress in attracting interest from potential investors in the fintech company which entered administration in June this year.
Frost & Wadsted have been working on stabilising the business and now report that they are focusing on the company’s future.
Founded in 2016, GoodBox Co worked with many well-known charities and museums, receiving accolades and awards for its payment device hardware along the way. It enabled charitable donations to be made with just a swipe of a payment card. However, despite its success, it struggled to generate profit, a position exacerbated by the pandemic.
Image: Front page of GoodBox’s website in July 2022.
A £9 million convertible loan deal in January 2021, involving the UK’s government scheme Future Fund was thought to be enough. However, revenue did not improve as hoped. A series of well-publicised disputes and continued pressure from creditors made further investment impossible for the company.
Frost & Wadsted were appointed as administrators in June 2022.
They announced that GoodBox Co’s systems continue to perform well, with “over £1 million in donations” made to charities and museums during the administration period.
They have also sent investment packs to potential investors who have expressed in the acquisition of the business or to “help fund a turnaround plan being put together with a long-term supplier”.
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.”
Contactless donations points installed across London to help homeless people (4 December 2018)GoodBox contactless devices hit milestone of one million donations (17 June 2021)GoodBox and Swiftaid partner to enable automated Gift Aid on contactless donations (10 July 2020)