Tyneside tech firm Boxmodel Digital Media Ltd is being liquidated owing more than £700,000, documents reveal.
Newcastle city centre-based BoxModel Digital Media is being voluntarily wound up after DKF Insolvency Limited was appointed as liquidator last month. The business, which was registered at Clavering House Business Centre in Newcastle before being changed to DKF Insolvency’s address in Essex, was originally launched as a two-man team in Newcastle 2009.
It expanded into new offices a number of times in the following years and, more recently, had employees based in offices in the city centre following the pandemic. The company was launched to provide end-to-end software services delivered by a team with expertise in areas such as physics and mathematics, which was honed to support technology development, offering services from software and web apps to smart phone apps, internet of things solutions and virtual reality training.
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During lockdown, the software specialist created a takeaway app to help restaurants through the pandemic, allowing restaurant customers to order food, choose a collection time and pay without having to contact any member of staff directly, keeping to Government social distancing restrictions.
Documents filed at Companies House show that the software business is being liquidated with a total deficiency of £739,369.
A notice filed at the London Gazette details how a general meeting of Boxmodel Digital Media was called by its chair, Alan Easton, in Southend on Sea, Essex, on May 26, where it was announced that the company would be wound up voluntarily. Darren Wilson of DKF Insolvency Limited in Southend on Sea, Essex, was appointed liquidator for the purposes of the winding up.
A Statement of Affairs filed at Companies House shows company creditors include HMRC’s debt management department, which is claiming £226,467, and a London finance firm, which is owed £180,000. A Coronavirus Business Interruption Loan Scheme (CBILS) debt of £80,000 is also listed, together with £27,933 owed to five employees.
Most recent accounts for the company covered the year ending March 2022, showing a rise in staff from 18 to 27, and shareholder funds at the year end had dropped from £136,235 to £48,159.
The liquidator has been contacted for comment.
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