Politics
TT Merch Firm Enters Administration
A gov spokesperson confirmed it was informed before Christmas
Cube International Ltd, which had held the TT merchandise contract until the gov pulled the plug over unpaid debts, has collapsed into administration.
Last month the Enterprise Minister said that the UK based company had not paid back any of the money, over £160,000, owed to the Manx taxpayer.
On December 21 administrators were appointed to two business related to Cube, namely Cube Management Ltd and Cube Modular Ltd.
A spokesperson for the administrators, Leonard Curtis, told Gef: ‘The Worcester-based companies, part of the Cube International Group, provided bespoke modular infrastructure for sports industry events, including fan zones, pop-up retail stores, ticket offices, temporary office space and other accommodation.
‘Leonard Curtis were engaged by the Group after the companies encountered cash flow difficulties resulting from delays in global sporting events caused by the Covid pandemic. A structured sales process was initiated to identify any parties interested in acquiring the Group or the business and assets. While considerable interest was generated unfortunately a sale has not been possible.
‘The Administrators are now focused on the realisation of assets following their appointment.’
They also confirmed that ‘all staff were made redundant prior to the administrators’ appointment’.
Cube International’s website has now disappeared and all of its social media activity has either stopped or been deleted.
Companies House has not updated any records related to Cube International other than to say it is late filing its accounts, which were due on December 31.
However, the Manx gov has confirmed that the company told it that it was appointing administrators before Christmas.
A spokesperson said: ‘The Department for Enterprise had no involvement with either Cube Modular Ltd or Cube Management (UK) Ltd, which are separate legal entities to Cube International Ltd.
‘Cube International Ltd, the company the Department contracted with, advised the Department on the 20th December that they had appointed Administrators and at that time the Department took the necessary steps to protect its position through administration process.’
A History of Cube
Cube Partnership Limited was awarded the contract after a tender process in January 2023 before going into voluntary liquidation in July, with the contract switching to its parent company Cube International.
In October 2023, the deal with Cube International Ltd was terminated with immediate effect due to a breach in terms by Cube International Ltd to fulfil their required financial obligations within the contracted timeline.
