BLOCKS Wearables Limited began its journey in London in 2014 to design and manufacture a smart watch where users could personalise the strap with modules offering various functionalities such as monitoring heart rate, tracking location or making payments.
The firm had attracted hundreds of investments from across the globe and developed several prototypes, however, internal issues encountered by their hardware and software suppliers hampered production of the product and pushed the firm into financial difficulties.
Craig Povey and Richard Toone of CVR Global were appointed as joint liquidators to complete a company voluntary liquidation of BLOCKS Wearables Limited.
Povey said: “The business’ directors had a cutting-edge product which generated much excitement as seen by their Kickstarter fundraising, but ultimately a series of circumstances beyond their control in the supply chain left the business in a vulnerable state.
“As a result of changing suppliers the business had to invest a significant amount of money into research and prototypes for the manufacturing process more than once.
“BLOCKS Wearables Limited eventually managed to bring some prototypes to market but historical costs was too much for the business to carry on trading, and we are aware that there are some customers who have unfulfilled orders.
“Anybody with an unfilled order should contact their card provider if they have paid by credit card, while orders placed online via other means should send an email to email@example.com.
“This may well not be the last casualty in the wearables market as competition increases, nor for that matter in investments made through the alternative finance arena, as not all investments deliver the anticipated returns.
“Whilst BLOCKS Wearables Limited’s technology promised much and interest was keen, unfortunately due to challenges in the supply chain and difficulties in securing additional funding, the company was left with no alternative than to place itself into liquidation.”