Portable hotel group Snoozebox – it builds temporary hotels out of shipping containers – has been forced to recapitalise: existing investors are to pump £10.1 million into the group in order to enable it to fulfil contracts in 2013 and 2014.
The Snoozebox results, it will be recalled, showed major losses for 2012. Clearly, existing investors have faith that the business will trade its way to profitability.
Snoozebox has recently announced contracts with Monster Easy at the MotoGP in Le Mans, followed by Murphy Prototypes for the 2013 Le Mans season. It also now has a permanent trackside position at Silverstone, and in April secured a £3.8 million contract to supply accommodation for the personnel at the G8 Summit taking place next month in Northern Ireland.