Isle of Man TT fans may face a souvenir T-shirt and paddock jacket famine in 2024, after the event’s merchandise supplier collapsed into administration. Originally, a company called Cube Partnership was awarded the TT merchandise contract in January 2023 by the Isle of Man government’s Department for Enterprise (DfE) after a tender process, replacing a long-term local enterprise that had chosen to cease trading. Cube’s pedigree included previously supplying official merchandise to the Rugby League World Cup and World Athletics, as well as the Aston Martin and Williams Formula One teams.
However, Cube Partnership went into voluntary liquidation in July 2023, with the TT contract transferring to its parent company Worcester-based Cube International Group. It subsequently transpired that Cube International wasn’t too healthy either, with unpaid debts to the Manx DfE of more than £160,000 – presumably a share of revenue from merchandise sales – plus further amounts totalling £65,000 owed to various on-Island companies for service provision.
Failure to pay any of this money eventually led to the DfE terminating Cube International’s relationship with immediate effect in October 2023, on the basis of “breach in terms to fulfil required financial obligations within the contracted timeline”.
Then in December, Cube International Group announced that it had gone into administration. According to insolvency practitioner Leonard Curtis, all Cube staff had been made redundant prior to its appointment as administrator. A structured sales process was initiated, to identify parties interested in acquiring the group or the business and assets. A statement from Leonard Curtis went on to say: “While considerable interest was generated, unfortunately a sale has not been possible. The administrators are now focused on realisation of assets.” No doubt creditors shouldn’t hold their breath.