Coverbox Insure Limited (07660717): administration
- Status
- Administration ended
- Administration began
- 2019-07-08
- Administrators
- Alison Grant, Peter David Dickens
- Administrators' firm
- PwC
- Formerly
- Drivestyle Insure Limited; Crossco (1242) Limited
- Incorporated
- 2011-06-07
- Location
- Leeds
- Industry
- 66220 Activities of insurance agents and brokers
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Company was an insurance broker providing policies that were priced based on the installation of a telematics box into a vehicle. Its policies were underwritten predominantly by Aviva Ple (70%) with the balance from AXA and, to a lesser extent, Co-Op Insurance.
The Company was based in Peterborough and operated from a leasehold site, employing approximately 41 staff. It had an annual turnover of circa Lam.
The Company is part of a wider group which has been provided with ongoing funding (through the group) since the Company’s inception. Recently the group has been providing regular financial support in the region of £200k per month. The strategy was to grow the business as the use of telematics boxes became more widespread. However, the growth in the business has been much slower than anticipated and the Company remained loss-making. The directors had unsuccessfully tried to sell the business during the previous 12 months. Following this the group has now concluded that it was not prepared to continue to provide further funding.
Administrators' statement of proposals (2019-09-07) · Companies House register