Hand-held games console firm Gizmondo in Liquidation
Creditors asked to contact Liquidators
21 February 2006
Begbies Traynor and David Rubin & Partners, joint liquidators of Gizmondo Europe Limited, a subsidiary of US-listed company Tiger Telematics Inc., which entered into liquidation after making net losses estimated at around £140 million in the nine-month period to September 2005 on sales of £1.4 million, are to hold a meeting with creditors following the subsidiary's collapse earlier this month. The company had previously lost £49 million on turnover of £400k in the year ended 31 December 2004.
Creditors are asked to contact Asher Miller at David Rubin & Partners to register their interest.
On 2 February, the court appointed two separate firms of liquidators. David Rubin and Asher Miller from David Rubin and Partners are responsible for liaising with the creditors and for realising the value of Gizmondo's assets, while Paul Davis and Tim Dolder, liquidators at Begbies Traynor, will be conducting an investigation into the causes of the company's collapse and extent of the losses.
Gizmondo Europe Limited was incorporated in December 2002, and until its recent liquidation, employed 27 staff at its head office in Farnborough, Hampshire, and five at its Regent Street store in central London, which opened in March 2005. All staff have been made redundant.
The company had invested heavily in the research, development and promotion of its unique hand-held games console to provide a wireless multimedia platform for games, music, movies, texting and host of mapping services using GPS technology. The Gizmondo unit retailed at around £130 for the basic model.
However, fierce competition in the games console market, coupled with sharply escalating costs and unexpected delays to the product's US launch, led ultimately to the insolvency of Gizmondo Europe Limited.
The Liquidators will provide further updates in due course.
Enquiries, please contact:
Paul Davis/Tim Dolder
Begbies Traynor
020 7398 3800
Asher Miller/David Rubin
David Rubin & Partners
020 7400 7900
Neil Boom/Dave Pettet
Gresham PR (PR for Begbies Traynor)
020 7404 9000
Information on David Rubin & Partners can be accessed via the firm's website at
http://www.drpartners.com/
Information on Begbies Traynor can be accessed via the Group's website at
www.begbies-traynor.com