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Jasper Hart
July 9, 2020
Global operations to wind down and Spanish business to seek buyer
Recycler Redeem Group’s Redeem UK and Redeem Holdings entities have been placed under administration, with 118 of its 130 staff to be made redundant.
KPMG’s restructuring business appointed Chris Pole and Rick Harrison as joint administrators for the Macclesfield-based company on July 7.
Redeem and its B2C trade-in firm Envirofone froze operations in March, with the majority of its staff furloughed. The company’s trade-in partnerships with O2 and Three ended during lockdown, with Ingram Micro taking over O2 Recycle.
Three confirmed to Mobile News that it was currently looking for a new trade-in provider, having currently suspended the service.
The remainder of Redeem’s 130 staff are being retained to assist with the wind-down of the business.
KPMG is only responsible for the administration of Redeem’s UK business, and not its offices in Dubai, Estonia, Spain and Sweden. Redeem’s remaining directors are taking steps to close these offices down with the administrators’ assistance, with the exception of Spain, in which the administrators are seeking a purchaser.
“Like many businesses, Redeem Group has been severely impacted by COVID-19 and the business has been in hibernation since March,” said Chris Pole.
“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.”
More to follow