Snoozebox goes bust.
Snoozebox, a company that provide ‘Pod’ hotel accommodation at the TT Festival has gone in to administration.
Discussions with the Company’s primary lender, SQN had broken down and it looks unlikely they will be able to continue trading.
The company statement said:
"Without SQN's support the directors have concluded that the company is unable to continue as a going concern," it said, as the main trading subsidiary would not be able to pay its liabilities as they fall due.
Snoozebox said that the "significant debt burden" it took on in 2014 has been one of its largest challenges given the poor financial and operational position of the group when the directors began restructuring early last year.
Snoozebox has also applied for suspension of trading on AIM with immediate effect.