Mon, 09 May 2016 | ADMINISTRATION
UK-based business-to-business (B2B) digital music platform Omnifone has been placed into administration just two months after appointing a new CEO.
Omnifone, which counted Samsung, Sony and BlackBerry among its many clients, was officially placed into administration in the High Court of Justice on 4 May 2016. Andrew Duncan and Neil Bennett of the Leonard Curtis Business Solutions Group have since been appointed as joint administrators.
A statement on the company’s website read: “The affairs, business and property of the companies are being managed by the joint administrators, who act as agents for the company and without personal liability.”
The administration comes as somewhat of a shock to industry insiders, as the company had only recently promoted Doug Imrie from managing director and chief operations officer to the role of chief executive less than two months ago.
Furthermore, the company had recently announced two brand new products — Global Metering Hub and Acoustic Lab — both of which Mr Imrie spoke about with excitement and confidence as he was appointed as CEO.
Nevertheless, the digital music space has become increasingly competitive in recent years, and many Omnifone’s most high-profile products have ended in failure. These included the company’s own music streaming service Rara, Music Unlimited for Sony and BBM Music for BlackBerry.
The most recent financial figures for the distressed business showed that profits at the end of April 2014 were down £46.8 million to £38.5 million compared to the previous year. Omnifone’s net losses for the same period also increased from £10.3 million to £15.9 million. The B2B digital music firm failed to met the deadline for filing its figures for the year ending in April 2015.
Contact the administrators handling Omnifone
For more information, see other technology businesses for sale
This company specialises in supplying the highest quality natural stone products, offering a complete turnkey solution to its customers from sourcing, through to processing, design and final distribution and delivery. Offers invited.
RELOCATABLE
Precision Engineering Business for sale operating with a modern, well equipped machine shop, offering Engineering Development Modelling (EDM), CNC turning & milling, grinding, boring and fitting. Offers invited.
LEASEHOLD
High quality practice with strong middle management on the market for the first time. Established: 25 to 30 years. Strong middle-tier management to support acquirer throughout the transition period and on an ongoing basis. Locations: Cheshire, Mersey...
|
20
|
|
Sep
|
Thomas Cook seeking 'last-ditch' fire sale | BUSINESS SALE
Thomas Cook Group is reportedly trying to piece together a l...
|
19
|
|
Sep
|
Smith & Williamson and Tilney to merge | MERGER
After revealing in August this year that talks were in place...
|
18
|
|
Sep
|
Infrastructure investment manager takes stake in LJLA | BUSINESS SALE
Infrastructure investment management group, Ancala Partners,...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources