Mobile phone supplier and recycler Redeem Group has gone bust, resulting in the loss of over 100 jobs.
Chris Pole and Rick Harrison of KMPG were appointed as administrators for the firm earlier this week and are "taking steps to wind these businesses down".
The company employees 130, with 118 made redundant at the time of the adminstrators' appointment. The remaining staff have been kept on to assist with the shutting down of the business.
Redeem also has operations in Dubai, Estonia, Spain and Sweden. KPMG will be seeking a buyer for the Spanish business.
It also operates the Envirofone consumer brand.
Chris Pole, partner and joint administrator, said: "Like many businesses, Redeem Group has been severely impacted by Covid-19 and the business has been in hibernation since March.
"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."
Redeem specialised in refurbishing and reselling mobile phones and devices, with its customers made up of retailers, network operators and enterprises.
Redeem UK Limited filed revenue of £82.1m for the 18-month period ending 30 September 2018 in its most recent accounts. It made an operating loss of £1.1m.
Around 2,900 jobs to be cut
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