Snoozebox issues warning of funding shortfall
Portable accommodation provider Snoozebox has warned that the company needs more funding if it is to pursue its planned pipeline of work.
The pod hotel business reshuffled its board last month after reporting a £4.4m loss for 2012 following failing to capitalise on its London Olympic Games village contract.
Finance director Chris Upton stepped down and Robert Breare, who was chief executive, was asked to concentrate on sales and business development.
The new executive committee, which includes finance director Lorcan O'Murco and chief operating officer Gary Thompson, have now warned that after a review of the business it will need further reorganisation, "improved systems and a more rigorous approach to management".
In a statement, the company said: "In addition, the company will require further capital to support its 2013 trading programme and to fund and exploit its current pipeline of opportunities. The Board is exploring its options with regards to such funding."
Snoozebox has pulled out of two events out of 14 scheduled for 2013, citing a likely inadequate return. It said that current expectations for 2014 were positive.
Snoozebox reports £4.4m loss after disappointing Olympics >>
