Zedbox Update 17th May 2019

Zedbox Update- 17th May 2019


It is with profound regret that Zedbox has ceased to trade.

We have been unable to secure the required funding in time to allow the business to continue, and following ongoing professional advice from RSM Accountants in Bury St Edmunds, Zedbox has gone into voluntary liquidation.

RSM are contacting all relevant parties with immediate effect.

Due to the refinancing difficulties, the proposed restructure and planned CVA have now become unviable, despite recent reinvestment attempts.

All remaining 39 employees have been made redundant.

The company has attempted to contact all affected customers by phone.

We would like to apologise to all customers, employees and suppliers.


Background

Zedbox was created specifically using an innovative method of design and manufacture of garden annexe buildings.

At its dedicated R&D centre, the company used high end CNC robotics for manufacture. However initial technical problems occurred with some production and consequently installations were delayed.

Zedbox had demand from across the UK, and internationally, and had secured substantial financial support for a new 12,000 sq ft state of the art factory from HSBC and New Anglia LEP for production of up to 500 units each year and to be employing over 100 staff.

In preparation for this expansion the company employed over 50 manufacturing, sales, design, installation and groundworks employees, and commenced a significant training programme. The company invested heavily in infrastructure. However, the agreed funding was not forthcoming as the business moved into the Spring. A secondary refinance package which was agreed for April has failed, making the business unviable to continue. Consequently, following ongoing professional advice, it was agreed to place Zedbox into voluntary liquidation.

If you are affected by this matter, please contact

RSM LLP, Abbotsgate House, Hollow Road, Bury St Edmunds, Suffolk, IP32 7FA
T:+44 1284 763311 W: www.rsmuk.com