Snoozebox Holdings PLC (08013887): administration
- Status
- Administration ended
- Administration began
- 2017-11-08
- Incorporated
- 2012-03-30
- Location
- London
- Industry
- 55100 Hotels and similar accommodation
Why it went into administration
- Property / lease costs
From the administrators' statement
The concept of Snoozebox was founded in 2011 by Robert Breare, the initial director and chairman of Snoozebox. The concept was to provide pop-up hotels for recreational events. The product being stackable converted shipping containers containing bedrooms with en-suite bathrooms, airconditioning, television, a safe deposit box and wifi. The concept proved popular with well-known sporting events and music festivals
in March 2012, the Company was incorporated to act as the holding company of Snoozebox Limited in advance of a floatation of the Company on AIM on 1 May 2012. The floatation raised gross proceeds of £12million and a further placing in November 2012 raised proceeds of £8.4million.
In the early years, the Snoozebox product was cumbersome to transport and costly to operate if there were no mains utilities services available on site. This tended to be the case for the sporting and music events that were targeted. This impacted significantly on the costing of events and where the recharging of deployment, build and staffing were not included in the fee quote, the financial model was not economically viable and, consequently, the business made losses.
Administrators' statement of proposals (2018-01-10) · Companies House register