Irwin Mitchell Working With Administrator As Options For Business Are Explored

Restructuring lawyers at Irwin Mitchell are working with Moore Stephens following its appointment as administrator at AIM-listed portable hotel business Snoozebox.

The business which entered administration on 8 November creates hotels and temporary accommodation out of shipping containers, which can be usable within 48 hours of arriving on location.

Examples of Snoozebox’s work include building an entire hostel out of shipping containers at the Eden Project as well as providing temporary accommodation at Glastonbury and the London Olympics.

Snoozebox raised £12m through their IPO after listing on AIM in April 2012 but administrators have been called in after talks with its primary lender failed.
 
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.”

Jeremy Willmont, Head of Restructuring and Insolvency at Moore Stephens and administrator of Snoozebox, said: “Snoozebox is a highly innovative business with unique know-how in deploying large scale temporary accommodation solutions.

“We will be exploring all possible options for the business, including a sale to maximise its value.”
 
Edward Judge is leading the Irwin Mitchell team which is working alongside Moore Stephens.

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