The former UK master franchise will enter liquidation on or after the 7th December.
In papers seen by The Recycler, the former UK master franchise will be placed into liquidation on or after the 7th December subject to the creditor’s approval. The company was established in 2000 and owned the master franchise license for Cartridge World stores in the United Kingdom and generated its income from the sale of franchises and on-going franchise fees. At its peak there were more than two hundred and fifty Cartridge World stores in the UK. The Recycler understands that today there are less than one hundred stores within the brand.
In June 2015, the global Cartridge World Franchise was sold by Wolseley Private Equity to Suzhou Goldengreen Technologies (SGT) who are China’s largest manufacturer of OPC’s. Wolseley sought to exit the franchise, having acquired a 70 percent stake in the global Cartridge World franchise in August 2007 for a rumoured AU$60 million ($45.9 million/€42 million).
In August 2015 Steve Weedon was appointed CEO of the Cartridge World global franchise and in April 2016 was one of the recipients of the 2106 Dealmaker ward, given for his involvement in the sale of Cartridge World to SGT, by Franchise Times magazine. In September Steve Weedon, one of the two directors of Cartridge World Limited stood down, and the sole director is now Lui Siu FUNG who is the Global CFO for Cartridge World.
In October the company changed its name from Cartridge World Limited to 04124067 Limited. The proposed liquidators are David Willis and Martyn Pullin of the FRP Advisory LLP. The email contact is William.keates@frpadvisory.com