Bullitt Group Liquidation: UK Smartphone Maker Collapses
- The liquidation of Bullitt Group, the company behind ruggedized mobile phones for brands like CAT and Motorola, is now complete.
- according to reports, the primary equity holders included founders Colin Batt, David Floyd, Richard wharton, and BGF Nominees Limited.
- Former employees with wage arrears and HM Revenue & Customs (HMRC), the UK tax authority, were among the preferential creditors.
Bullitt Group, the maker of CAT and Motorola rugged phones, has officially liquidated, leaving creditors unpaid. Discover the details of the company’s collapse, including why founders, lenders, and even former employees won’t receive any funds. Economic headwinds,such as COVID-19 and supply chain disruptions,considerably impacted the business,leading to its insolvency. The administrator’s report also outlines the fate of assets, including unsold products and intellectual property. Learn about the events that led to the downfall of the UK smartphone maker and the impact on its creditors. News Directory 3 provides insightful coverage of this story. Discover what’s next …
Bullitt Group Liquidation Complete; Creditors Unpaid
Updated june 17, 2025
The liquidation of Bullitt Group, the company behind ruggedized mobile phones for brands like CAT and Motorola, is now complete. the process concludes with creditors, including the company’s founders and lenders, receiving no payment.
according to reports, the primary equity holders included founders Colin Batt, David Floyd, Richard wharton, and BGF Nominees Limited. Lloyds Bank and Bibby Financial Services were also lenders. Due to insufficient asset realization, none of these parties received funds from the liquidations of Bullitt Business Limited (BBL) or Bullitt Mobile Limited (BML).
Former employees with wage arrears and HM Revenue & Customs (HMRC), the UK tax authority, were among the preferential creditors. They also received no payment because of insufficient realizations.
Unsecured creditors will not receive any dividend from either company. Estimates indicate that the companies’ net property will be less than £10,000 ($13,600) each, resulting in a nil value for the prescribed part, which is a fund for unsecured creditors after preferential creditors are paid.
The administrator’s report detailed that £848.22 ($1,150) was recovered from BML’s bank account held at Lloyds, while BBL had no cash balances at the time of the administrator’s appointment.
BML’s offices contained furniture, computers, and other electronic devices. The landlord retained the furniture, which was deemed to have little resale value after costs. Laptops, servers, and other devices were collected, wiped, and sold by a third party, but the proceeds were offset by the costs incurred.
Unsold CAT and Motorola-branded products in overseas warehouses were among BML’s assets. However, both CAT and Motorola declined to allow thier sale, preventing any value recovery.
Founded in 2009, Bullitt Group used BBL as a holding and financing entity, while BML served as the primary trading entity. Funding came from secured lending from Lloyds and Bibby, and also vendor loan notes held by the founders and BGF. After a private equity injection in 2017, the founders regained ownership in 2019.
the administrator’s report cites economic challenges, including the COVID-19 pandemic, supply chain disruptions, and the war in ukraine, as meaningful factors contributing to losses from fiscal year 2020 to 2022.
In early 2023, Bullitt Group launched new products, including the CAT S75, Motorola Defy 2, and the Motorola Defy Satellite Link. the first two were smartphones with satellite messaging support, while the third was a Bluetooth dongle enabling other phones to access the service.
Despite successful launches, the company could not secure the necessary funding to support hardware-related working capital needs. This led to a cash shortage in December 2023 and ultimately, insolvency.
The founders reportedly acquired the company’s intellectual property on the same day that PWC was appointed as administrator.
With the winding up of Bullitt Group now complete, the final account will be submitted to the Registrar of Companies, allowing creditors a period to raise objections.