Home
Distressed Businesses
  • All Distressed Businessess
  • Administrations
  • Liquidations
  • Winding Up
  • Insolvency Advice  New
Buy a Business
  • All Businesses for Sale
  • Find a Business for Sale
  • Raising Business Finance
  • Buyer Acquisition Service   New
  • Escrow Service   New
Sell a Business
  • Sell Your Business
  • List your Business
  • Seller Accounts
  • Need Help Selling?
  • Help With Finance New
  • Corporate Services  New
  • Business Valuation
  • Business Wanted Adverts
Insights & News
  • View All News
  • View All Insights
  • Exclusive Insights New
  • Video Insights
Lens
  • Search all UK Companies  New
Log in
Join Now

Home / News / Administrators appointed for Smartlife smart clothes business

Administrators appointed for Smartlife smart clothes business

Fri, 26 Apr 2019 | ADMINISTRATION



A wearable tech company established in 2010, with the desire to revolutionise the market, has fallen into administration after its investors refused to financially back the business any further.

Smartlifeinc, which trades as Smartlife, was forced to call in London-based professional services firm ReSolve Advisory to handle the administration process, with partners Simon Jagger and Ben Woodthorpe appointed as joint administrators on 2 April 2019.

The original investors, brothers Richard and David Gazal who have since become the company’s main shareholders and directors since July 2016, initially made an investment of approximately £2.4 million. However, they have decided against investing any more into Smartlife, causing the company to collapse into administration.

CEO of Smartlife, Martin Ashby, commented: “Many of the employees had been shareholders so the decision to go into administration meant all their efforts over the years have gone unrewarded.

“We really felt this was the year when we would launch the technology and start to deliver a return to the investors. We’d planned to unveil it at CES in Las Vegas at the start of 2019 and launch a Kickstarter campaign but the investors decided against it.”

The company was designing and engineering clothes with inbuilt textile sensors, particularly in sportswear, which could pick up and read biometric signals. The aim was to make clothing as streamlined as possible – in comparison to wearable technology which is often bulky – without wires or metal attachments to transmit signals via Bluetooth to be read on smartphones and smartwatches.

Ashby noted that he had hoped the wearable technology business would become “the beating heart of the next textile revolution” and claimed that he knew “other companies were interested” in the purchase of the company going forward.

For more news stories about administrations click here. For all our administrations listings, click here.


Share this article



Latest Businesses for Sale

Robot Integrator & Automation Solutions Supplier
N/A, UK Wide

Offers a comprehensive range of robots, products and services to clients operating within the manufacturing industry throughout the UK and internationally. Products and services include six-axis, collaborative and preowned robots; robot systems, incl...

Asking Price: Offers Invited
Turnover: £3,100,000

FREEHOLD


Installation & Maintenance Specialist
South West, UK

Specialising in telecoms and fibre optic networks, the company undertakes a variety of installation and maintenance works for clients throughout South West England.

Asking Price: Offers Invited
Turnover: £2,400,000

LEASEHOLD


Digital Learning Platform Provider
South East, UK

A leading digital learning management/experience platform provider. The platform enables an organisation to instil a learning culture and provide a place where employees can go to create their own learning solutions, using e-learning, events and soci...

Asking Price: Offers Invited
Turnover: £950,000

RELOCATABLE



View more businesses for sale

News Search

Latest News

 
03
 
Mar
 

Spring Budget 2021: The M&A Outlook | BUSINESS NEWS

Chancellor Rishi Sunak has today delivered his long-awaited ...

 
03
 
Mar
 

Fazenda restaurant group acquired from administrators in pre-pack deal | BUSINESS SALE

The Yorkshire-based Fazenda restaurant chain has been acquir...

 
02
 
Mar
 

Recruitment consultancy On-Site Group acquires financial services firm | BUSINESS SALE

Specialist recruitment consultancy On-Site Group has complet...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
18
 
Nov
 

VIP Ski falls into administration | ADMINISTRATION

The parent company of UK-based ski business VIP Ski has anno...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news


About Us

Business Sale Report is the UK's leading independent business for sale & distressed business listing service. Established in 1995, the report offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.

Our Services

Businesses for Sale
Distressed Companies
List a Business
Help with Finance
Buyer Acquisition Service
Small Businesses for Sale

Company

About Us
Insights
News
FAQs
Reviews
Terms & Conditions
Privacy Policy

Get In Touch

020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm


Sign up to our free newsletter



© 1995-2021. Business Sale Report Ltd. All rights reserved. www.business-sale.com.