Tactus Group says it has “recapitalised” its remaining businesses following the collapse of subsidiary Box Ltd in January.
In a statement issued to IT Channel Oxygen this afternoon, the consumer and B2B tech outfit confirmed a new vehicle, ‘Wilder Bidco’, has secured funding to recapitalise the remaining group of companies.
It will soon become ‘Chillblast Group’, the statement confirmed.
The move will “protect the rest of our businesses from further damage”, the company claimed.
Tactus put 107-employee e-tailer Box Ltd into administration in January in the wake of a winding-up petition from a “major supplier”. It went under owing £23.2m to unsecured creditors, a recent administrator’s Statement of Proposals showed.
Box Ltd was one of several quickfire acquisitions Tactus Group made in 2021 and 2022, alongside the likes of e-tailer CCL Computers, PC builder Chillblast and reseller BIST.
Restructuring underway
News of a restructuring at the wider group became apparent two weeks ago when numerous Tactus Group staff took to social media to announce they had been made redundant.
According to notices published on the London Gazette yesterday, several Tactus companies went into administration on 2 April. The ones we are aware of are CCLCL Realisations 2024 Ltd (formerly CCL Computers Ltd), TL Realisations 2024 Ltd and DLL Realisations 2024 Ltd (formerly Decision Logic Ltd).
Like Box Ltd, all are being handled by Kroll Advisory.
While declining to comment on the specifics above, a Chillblast Group spokesperson issued us with the following statement:
“The financial issues identified after the acquisition of Box caused considerable damage to the wider Group and as a result there remains an ongoing legal claim against five former directors of the company.
“However, we’ve taken the necessary steps to protect the rest of our businesses from further damage and have secured significant long-term funding to recapitalise the remaining group of companies. This will ensure that we continue to serve our many customers and take advantage of significant growth opportunities in our target markets.”
