Chris Pole and Rick Harrison, from KPMG’s Restructuring practice, were appointed as joint administrators for Redeem UK Limited and Redeem Holdings Limited, two entities of Redeem Group, on 7 July 2020.
The company refurbishes, processes and resells mobile phones to mobile network operators, as well as directly to consumers through its website Envirofone. The Group is headquartered in Macclesfield, with an office in Bathgate, Scotland, and has operations in Dubai, Estonia, Spain and Sweden.
The administrators have not been appointed over the non-UK based entities. The directors, with the administrators assistance, are taking steps to wind these businesses down under the relevant jurisdictions, with the exception of Spain, in which the administrators are seeking a purchaser for the business.
Redeem Group employed 130 staff in the UK, the majority of which had been furloughed, and regrettably, 118 were made redundant on appointment. The remaining staff are being retained to assist with the wind down of the business.
Chris Pole, partner and joint administrator, commented: “Like many businesses, Redeem Group has been severely impacted by Covid-19 and the business has been in hibernation since March. The directors had been working with customers and stakeholders to secure new funding into the business to support a reopening, but, unfortunately, this has not been possible and has led the directors to take the difficult decision of placing the company into administration.
“All affected staff have been informed and we will provide the assistance they need to make the relevant claims. We'd like to thank all employees for the support, service and co-operation they have provided to the company, both before and during the administration.
“Our focus over the coming days is to realise the remaining assets and find a purchaser for the Group’s Spanish business.”
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