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

Computer Accessories Wholesalers
Manchester, UK Wide

Great trading location. Excellent reputation built over many years. Huge potential in current database. Can be relocated easily. Offers invited.

Asking Price: £100,000
Turnover: £960,652

RELOCATABLE


IT Support & Development Service Provider
Scotland, UK

Operates with a consultative approach to delivering IT solutions. Provides a wide range of proactive and reactive support services. Long established company operating for over 13 years. Serves clients in industries such as engineering, education, che...

Asking Price: Offers Invited
Turnover: £823,000

LEASEHOLD


Mobile App for Taxis
West Yorkshire, Yorkshire and the Humber, UK

Brilliant mobile app for taxi's in West Yorkshire. Roll out to UK / world wide achievable. Fantastic bolt on business opportunity. Offers invited.

Asking Price: £149,950
Turnover: £2,000,000


View more businesses for sale

News Search

Latest News

 
18
 
Jul
 
 
17
 
Jul
 

Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION

A caravan manufacturing business in Preston is on the lookou...

 
16
 
Jul
 

Farsound Aviation sold to AGIC for £115 million | BUSINESS SALE

A supply chain management company operating in the aviation ...

Free guide: 10 Biggest Buyer Mistakes

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

Email


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