Bullitt Group, once hailed as the UK’s flagship maker of rugged smartphones, has now formally completed its liquidation process. Unfortunately, the process has left no returns for any class of creditor, including secured lenders, HMRC, and former employees.

Founded in 2009, Bullitt built a global reputation designing durable smartphones marketed under powerhouse brands such as CAT (Caterpillar), Land Rover, and Motorola. But despite a high-profile portfolio, the group struggled to navigate successive waves of economic pressure. Right from the COVID-era, its supply chain suffered. The more recent collapse in hardware investment appetite led to its insolvency.

After a prolonged decline, Bullitt entered administration in early 2024 with PwC appointed as administrator. On 12 March 2024, all staff were made redundant. While Bullitt had pinned hopes on its 2023 product launches, including the CAT S75 and Motorola Defy satellite-enabled smartphone, its cash reserves ran dry by December. The company also failed to secure new funding for working capital.

The group had returned to founder ownership in 2019, following a 2017 private equity deal. When PwC stepped in, reports suggest that the founders swiftly reacquired Bullitt’s intellectual property, likely in a pre-pack arrangement that left creditors behind.

Though its satellite tech generated headlines, the financials behind the scenes told a different story. The administrator’s final report confirms the wind-up of both Bullitt Bidco Ltd (the holding company) and Bullitt Mobile Ltd (the main trading entity). There have been no recoveries for secured creditors, preferential creditors, or unsecured creditors.

According to filings, major lenders including Lloyds Bank, Bibby Financial Services, and investor BGF Nominees Limited, alongside the company’s founders, walked away empty-handed. Even HMRC and staff owed wage arrears received nothing, as the liquidation failed to generate sufficient recoveries to trigger a payout from the prescribed part fund. BML’s bank accounts returned just £848, and BBL had no balances at the point of administration.

Unsold stock in overseas warehouses could not be liquidated, as branding agreements with CAT and Motorola blocked their resale. Bullitt’s downfall underscores the fragility of hardware-dependent businesses in a cash-constrained market. Despite a valuable brand association and global distribution, liquidity issues and branding restrictions on unsold stock proved fatal. With the administration now formally closed, the final accounts will be submitted to Companies House pending any creditor objections.