Charitable tipping platform GoodBox has agreed on a restructuring plan to rescue the firm from administration.
Financial consequences of the pandemic, diminishing funds and the failure of GoodBox shareholders, board of directors and the 'lead lender' of the Future Fund investment to agree on a way forward, caused the business to become insolvent and enter administration in June last year.
The restructuring plan was approved by the courts, following a meeting earlier this month with the firm's creditors, converting their debt in equity and enabling the business to continue trading.
Launched in 2016, the Manchester-based outfit has partnered with over 1500 non-profit organisations, including The Pret Foundation, The Natural History Museum, The Church of England, National Portrait Gallery,and Muscular Dystrophy UK, to modernise their fundraising via digital tipping tools and contactless technology.
The firm, which has yet to declare any profits, last raised £9 million in February 2021.
GoodBox CEO David White comments: “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.”