‘Tap to give’ company GoodBox, which went into administration in June 2022, has agreed on a restructuring plan which is hoped to rescue the firm.
The company offers the infrastructure and hardware to allow visitors to make a contactless donation via a podium or desktop device, with clients including the Natural History Museum, IWM, and Museum of London.
The restructuring plan was approved by the courts, following a meeting earlier this month with the creditors, which means the firm is now formally out of administration.
The company said it has been able to continue to trade with no disruption during the administration period, and the new agreed solution “will allow the company to work with and support current and new clients and solidify its position as the market-leader in this sector.”
The company said the “vast majority” of clients have been able to continue to trade with the firm during the administration period.
GoodBox CEO David White commented: “We are delighted to have agreed a restructuring plan for GoodBox and are looking forward to focussing on supporting not for profits across the UK. The firm has some exciting plans and thanks to the agreement we are able to start implementing these to secure the future of the company.”
Jeremy Frost and Patrick Wadsted of Frost Group were appointed joint administrators last year.
Frost Group said the Court’s judgement was “certainly a surprise”.
Frost, Director of Frost Group added: “We send our best wishes to the team at GoodBox Co and are hopeful that they can get back to being the essential part of the charitable industry that it once was. There is a plan now for a funded future, however, considerable uncertainty and many questions will need to be answered in the near future.
“It is very sad that these uncertainties, brought into sharp focus whilst acting as Administrator were not addressed in the scheme, a position so serious that it did not allow us to take anything other than a neutral stance.”