From Huboo to Bodycare — A Pattern of Acquiring Failure
The corporate graveyard is growing, and two names consistently appear in the autopsy reports: Baaj Capital and Atalla Capital (also operating under AB Capital). After the spectacular failure of Huboo Technologies Limited — a so-called eCommerce fulfilment unicorn — and the collapse of high street mainstay Bodycare, a pattern emerges: distressed company acquisition, minimal investment, catastrophic collapse, and a rebranded restart. The victims? Suppliers, investors, employees, and customers.
Two Case Studies, One Strategy
Let’s examine the two flagship failures of Baaj and Atalla’s recent ventures: Huboo and Bodycare. On the surface, these businesses couldn’t be more different — one was a tech start-up burning investor cash with flashy promises of growth; the other, a family-run retail giant with decades of trading history. Yet their fates were eerily similar under Baaj and Atalla’s oversight.
Huboo: A £9 Fire Sale After £138 Million Burned
Huboo Technologies Limited, registered under Company number 09727464, once touted itself as the future of eCommerce fulfilment. It raised over £118 million in equity funding and an additional £20 million in secured debt. And yet, in 2022 alone, the company posted losses of £47.1 million against a turnover of just £17.7 million. Year after year, the losses grew:
- 2020: £3.5 million loss on £4.2 million turnover
- 2021: £13.3 million loss on £13.7 million turnover
- 2022: £47.1 million loss on £17.7 million turnover
Despite these alarming trends, Huboo continued to attract funding. Clients remained unaware. There was no public communication about the dire financial condition. Then came the inevitable — administration. The company was sold for £9 in a pre-packaged deal to an entity backed by Baaj and Atalla. The name was changed to HUB REALISATIONS LIMITED. A new company, HUBOO TECH LIMITED (Company number 16143472), took over operations. The liabilities were dumped. The operations carried on — under the same branding, but legally distinct. Phoenix rising? Or deception?
Bodycare: 50 Years of Trading, Destroyed in Two
Founded in 1970, G.R. & M.M. Blackledge plc, trading as Bodycare, was a staple of the UK high street. But under Baaj Capital’s control, things unravelled. Reports of financial instability began circulating in 2024. By September 2025, Bodycare had entered administration, leading to 32 immediate store closures and over 450 job losses. Around 150 stores were reportedly kept open by administrators for ongoing trading, but the damage was done.
Baaj Capital’s exit from Bodycare, confirmed by PitchBook on August 26, 2025, came just days before the company entered administration. That timing — strategic or suspicious? Either way, Baaj walked away while creditors, landlords, suppliers, and loyal employees were left behind.
Identical Tactics, Different Industries
Although Huboo and Bodycare operated in very different sectors, Baaj and Atalla’s playbook remained the same:
- Acquire a distressed or vulnerable company, often at a discount or with investor capital already sunk in.
- Operate the business without proper reinvestment, often leveraging debt to sustain cash flow temporarily.
- Allow or engineer collapse, shedding liabilities and damaging the supply chain.
- Repurchase or restart operations under a new entity, free from the financial baggage and with the same branding.
The legal framework allows this. But is it ethical? Is it sustainable? Can clients trust these operators again?
Huboo’s Clients Were Left in the Dark
Throughout Huboo’s final years, clients were never informed of the mounting losses. Services continued as normal. Emails continued as normal. Marketing campaigns made no mention of the financial implosion. And then suddenly — boom. Administration. The rebrand followed within days. For customers who stored inventory with Huboo, the fear was real: Would they get their stock back? Who legally owned it? Could they trust the new entity?
These are the same questions Bodycare’s suppliers and landlords are asking. How did a business with over 50 years of trading experience, thousands of loyal customers, and nationwide reach fail so dramatically — and so quietly?
The Human Cost: Redundancies and Ruined Creditors
It’s easy to focus on financial headlines. But let’s not forget the human cost. Hundreds of Bodycare employees — some with decades of service — lost their jobs overnight. Suppliers were left unpaid. Stockists were blindsided. Fulfilment clients of Huboo were similarly disrupted, with some reporting delays, inventory loss, or service degradation.
And what of the investors? Over £100 million in venture capital — gone. Burned. Written off. And yet, somehow, the same individuals resurface with new entities and new promises. How long before the cycle repeats?
Silence, Spin, and the Power of Pre-Pack
Pre-pack administrations, while legal, allow a failing business to be sold before its collapse is made public. Creditors are often informed too late. Clients are rarely informed at all. The result is confusion, chaos, and — ultimately — acceptance. The business continues, but its legacy is ashes. Baaj and Atalla appear to have mastered this model.
Should These Operators Be Allowed to Continue?
This is the question Fulfilment Frustrations asks. If a pattern of failure is this clear — across sectors, across companies — then why do regulators allow the same operators to take over again and again? Why do clients continue using services linked to these individuals? Why are warnings not issued earlier?
Baaj Capital and Atalla Capital may frame themselves as rescuers. But ask the suppliers left unpaid. Ask the staff made redundant. Ask the investors who saw their money incinerated. This is not rescue — this is rinse and repeat.
Conclusion: A Pattern That Demands Scrutiny
From Huboo to Bodycare, a disturbing pattern is visible. Two very different companies. Two very different markets. One identical outcome. As more companies find themselves in financial distress in 2025’s economic climate, we must remain alert to who is offering help — and at what cost.
In our next post, we’ll look at the collapse of Bodycare in more detail and expose how Baaj Capital’s involvement contributed to its downfall.
Stay alert. Ask questions. Don’t be the next victim.
