GoodBox Co generates £1mn for charities while in administration
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.
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.
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”.
GoodBox Co generates £1mn for charities while in administration. Congratulations to the entire team. I wish you great success in this endeavour.Shishir Gupta, Founder and CEO, StartupLanes
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