Board room disputes and Covid’s impact on charity finances have been blamed for financial problems at GoodBox, the tech for good company that supplies contactless payment technology to charities.
The High Court has appointed administrators to work with company The Good Box Co Labs Ltd on a restructuring plan to allow it to survive and secure further funding.
The company says senior level disagreements amid the financial fallout from the Covid pandemic have hindered efforts to secure additional funding.
“As you will be aware, the impact of the pandemic has hit the charitable sector hard, and recovery has been slower than anticipated,” says a statement from the tech for good firm.
“Moreover, there have been some internal disputes at board and shareholder level which have stalled the company’s ability to secure the additional investment needed to support the business.
“We are working together with the administrators with the aim to implementing a restructuring plan that will allow the Company to survive, and to ensure that further funding is secured.”
It said that while in administration GoodBox will continue to trade “with there being no disruption in the process of transferring donations” to charities.
“Efforts are being made to shorten the time frame between the donation being made and the funds being paid to the Charities. We endeavour to return all client monies as soon as possible,” the statement adds.
Jeremy Charles Frost and Stephen Patrick Jens Wadsted of the Frost Group have been appointed as joint administrators.
Among GoodBox’s recent projects has been to supply contactless giving points across all eight of London’s Royal Parks, including Hyde Park.
Charity Times video Q&A: In conversation with Hilda Hayo, CEO of Dementia UK
Charity Times editor, Lauren Weymouth, is joined by Dementia UK CEO, Hilda Hayo to discuss why the charity receives such high workplace satisfaction results, what a positive working culture looks like and the importance of lived experience among staff. The pair talk about challenges facing the charity, the impact felt by the pandemic and how it's striving to overcome obstacles and continue to be a highly impactful organisation for anybody affected by dementia.
Charity Times Awards 2023
Mitigating risk and reducing claims
The cost-of-living crisis is impacting charities in a number of ways, including the risks they take. Endsleigh Insurance’s* senior risk management consultant Scott Crichton joins Charity Times to discuss the ramifications of prioritising certain types of risk over others, the financial implications risk can have if not managed properly, and tips for charities to help manage those risks.
* Coming soon… Howden, the new name for Endsleigh.
* Coming soon… Howden, the new name for Endsleigh.
Better Society
© 2021 Perspective Publishing Privacy & Cookies
Recent Stories