Snoozebox calls in the administrators

08 November 2017 by
Snoozebox calls in the administrators

Portable hotel accommodation provider Snoozebox has called in the administrators after talks with its primary lender failed.

The company said that it was unable to continue as a going concern after discussions with SQN Asset Finance Income Fund concerning the debt it owes as well as its longer-term capital structure hit the rocks.

Snoozebox's shares, which trade on the AIM market, have been suspended as a result of the news.

Jeremy Willmont and Neville Side of Moore Stephens have been appointed to oversee the firm.

In a statement, the business said: "The significant debt burden taken on by the company in 2014 has been one of the company's largest challenges given the poor financial and operational position of the company when the directors commenced restructuring in early 2016. It is a challenge that the directors have sought to manage whilst aligning the company to a new strategy and being as transparent as possible with shareholders. However, the company has succumbed to the challenge. Given the significant progress the company has made with delivery of its new strategy since mid-2016, this outcome is clearly very disappointing for shareholders."

Snoozebox has provided temporary hotels at sporting events such as the British Grand Prix and the Cheltenham Festival, it has also operated a semi-permanent 174-bedroom hostel with 58 bathrooms, aimed at school parties, at the Eden Project in Cornwall. Recently it won a semi-permanent contract to provide 80 rooms for workforce accommodation in a remote area of the country for an unnamed international company, starting in December.

Snoozebox reduces pre-tax loss to £2.1m >>

Snoozebox enters the Gulf >>

Snoozebox chief financial officer departs >>

Videos from The Caterer archives

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking