Fri, 12 Jun 2015 | ADMINISTRATION
Online music streaming service Blinkbox has entered administration, not even a year since it was bought by the Australian Guvera group.
Guvera bought the business from Tesco in February of this year. Tesco had launched the business as part of its former chief executive, Phil Clarke's plan to develop a digital entertainment offering to diversify the group.
Despite claiming to have some 200,000 active monthly users, the company never managed to get close to its competitors, Spotify and iTunes.
Now Smith & Williamson have been appointed as administrators of Blinkbox as it appears the new owners were unable to turn its fortunes around. A statement from the administrators read: “The company has faced significant financial pressure in recent months, since its acquisition by the Guvera group.
“This is a highly competitive industry and despite an active user base the business has continued to struggle financially.”
Guvera did attempt to turn things around, implementing various financial restructuring procedures and cutting staff numbers. However, this didn't seem to be sufficient to make the difference needed to keep the business going.
The administrators added: “Financial pressures have continued to grow, and the company's director, after trying to achieve a quick sale of the company/business, was faced with little choice but to place the company into administration.”
View other businesses in administration.
Or read more about the various acquisitions and bids for Blinkbox:
Tesco decides to sell off Blinkbox
Vodafone in discussions to buy lossmaking Blinkbox
TalkTalk emerges as potential Blinkbox buyer
This business prides itself on an innovative moulding tool leasing service that encourages long-term customer loyalty, with many clients partnered for over two decades. With operations spanning multiple sectors and a strong, experienced team, it redu...
A well-established component manufacturing and assembly specialist based in Dorset is available for acquisition, offering bespoke services to a blue-chip client base within the aerospace industry.
This well-established medical training service provider offers accredited resuscitation courses to over 1,000 active clients, including healthcare entities and academic institutions, across the UK.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.