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
Providing designs that are practical but creative and often innovative, to meet the specific needs of its clients. Supporting sustainable construction methods and experienced in eco-friendly structures such as PassivHaus. Offers invited.
LEASEHOLD
An established, proven brand and assets for sale, with considerable multi-million pound growth potential. The company is a designer and supplier of an established audio and wearable technology brand. The products seamlessly link three multi-billion-p...
RELOCATABLE
Offers a diverse range of commercial refrigeration and air conditioning equipment throughout the UK. Benefits from maintenance contracts and reactive maintenance. Possesses a strong understanding of all types of cooling solutions and is able to fully...
FREEHOLD
|
19
|
|
Nov
|
UK government set to approve Cobham takeover | BUSINESS SALE
The British government is poised to approve the $5 billion t...
|
18
|
|
Nov
|
Kitwave acquires Alpine Fine Foods | BUSINESS SALE
Independent wholesaler Kitwave has acquired Alpine Fine Food...
|
15
|
|
Nov
|
Carpetright agrees to shareholder takeover deal | BUSINESS SALE
Carpetright has agreed a deal to be taken over by its larges...
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