Politics
Merch Firm Owes Local Businesses Over £60K
Enterprise Minister Tim Johnston revealed the figure in today’s Keys sitting following questions from members.
The company which had its TT merch contract terminated by the DfE owes Manx businesses around £65,000.
Enterprise Minister Tim Johnston revealed the figure in today’s Keys sitting following questions from members.
Cube International, which took over the contract from its subsidiary company Cube Partnership, prior to the latter entering liquidation, had its contract terminated earlier this month due to a breach in terms by Cube International Ltd to fulfil their required financial obligations within the contracted timeline.
The department had previously said that Cube owed taxpayers ‘approximately £160,000’.
A spokesperson added: ‘Merchandise was provided to retailers with payment due after receipt of goods so local retailers are not exposed financially.’
Today in Keys, Mr Johnston said that £160,000 plus VAT is owed to the gov, to which interest is being added daily, with a further £65,000 owed to local suppliers.
The Minister also revealed that 18 companies are in the running for the new TT merch contract.
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