Fri, 28 Jul 2017 | ADMINISTRATION
Manchester-based fintech company DueCourse has been placed into administration.
On 14th July the business entered administration with Charles Everritt of Leonard Curtis appointed as the administrator.
DueCourse raised £6.25 million in cash last year, in one of the biggest funding drives outside of London for a business of its type. Contributors included founders and investors in Zoopla, LinkedIn, TransferWise and LoveFilm.
The cash was intended to fund the growth and expansion of its software, with the next step being to raise another £10-15 million to grow its geographical reach.
The fintech company was founded in 2014 by Paul Haydock, who was a co-founder of myparceldelivery.com a courier service comparison service, Jonathon Grove and Tim Borden. Mr Haydock left myparceldelivery.com in 2013 at which point it had grown to £3 million in turnover.
The company’s software worked by way of linking up with its customers’ online accounting systems, to enable SMEs to access cash before invoice payments, getting paid within hours of sending out invoices rather than waiting up to 90 days.
On the move into administration Haydock told Tech City News: “We have decided to close one of the companies in the group as part of a planned restructure. Customers haven’t been affected.”
Search companies in administration
Subscribe to Business Sale Report
The company takes claims from insurance companies and fulfils repair and restoration services. Services include maintenance, home improvements, new builds, fire and flood restoration and specialist cleaning. Benefits from a number of clients, 80% of...
LEASEHOLD
With over 25 years trading, this business, based in the Midlands, is one of the largest in the sector and provides thermal imaging surveys and sales and rental of thermal cameras. The cameras used when conducting surveys, are some of the most accurat...
This business, that has been operating for some 25 years, has established itself as an important Contract Electronic Manufacturing partner to its many customers. It offers: Full transparency, responsiveness and flexibility. Proven ability to serve sm...
|
28
|
|
Oct
|
Arlington Automotive acquired out of administration by Ricor Global | BUSINESS SALE
Arlington Automotive North East has been acquired out of adm...
|
27
|
|
Oct
|
Dog treats company acquired by Spectrum Brands | BUSINESS SALE
Nottingham-based pet treat and toy maker Armitage Pet Care h...
|
26
|
|
Oct
|
Legal & General sells personal investing business to Fidelity | BUSINESS SALE
Legal & General Group has agreed the sale of its personal in...
Sign up to receive our acquisition alert emails to get your FREE guide
|
20
|
|
Aug
|
Cheshire wealth management firm ceases trading and enters administration | ADMINISTRATION
Sequence Financial Management has ceased trading and entered...
|
26
|
|
Mar
|
Leicestershire building products firm enters administration | ADMINISTRATION
Leicestershire-based System Building Products Limited has en...
|
27
|
|
Feb
|
Online furniture retailer rescued from administration | BUSINESS SALE
Houseology has been bought from administration by rival furn...
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