Company goes under as representatives of administrators Chantrey Vellacott appeal for buyers for the firm’s intellectual property
UK-based mobile handset recycler Zonzoo, previously known as mobile2cash, has gone into administration.
Representatives of administrators Chantrey Vellacott have been appealing for buyers for the firm’s intellectual property, including its brand and associated domain names.
Founded a decade ago by ex-army officer and City banker Colin Armstrong-Bell, Zonzoo recently claimed to be the fastest growing mobile phone recycler in Europe.
Zonzoo initially launched in the UK and Germany, where it initially traded as Handyverkaufen, before expanding into Spain, Holland and elsewhere in Europe. By last year the firm claimed to have raised more than £10m for “charity and other consumer benefits”.
In its most recent annual report, Zonzoo said it had managed to restructure and centralise its business, and expected to “improve its marketing power and operating efficiency which will result in an increase in turnover and profitability”.
However, despite increasing revenues 37 per cent to £18.7m year-on-year in the financial year ending March 31 2010, Zonzoo posted a loss of £561,000 – its third successive yearly loss.
On May 9 this year, Chantrey Vellacott was appointed to wind up the company.
Zonzoo was unavailable for comment.