Fintech company DueCourse in administration

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


Share this article



Latest Businesses for Sale

Major Innovator of Job Search Technology & Related Platforms
East of England, UK

One of the top job search portals - developed in-house - with over 1m UK-based vacancies available from employers operating in nearly all sectors across the UK. Also develops & operates a series of complementary platforms & mobile apps for use within...

Asking Price: Offers Invited
Turnover: £3,400,000

Supply of Flanges, Butt Welds & Machining
UK Wide

Manufacture and supply of high quality, hard metal, flanges and butt welds with machining services. Enviable reputation. Niche offering. Long standing relationships with suppliers. In-house manufacturing capabilities. Diverse client base including m...

Asking Price: Offers Invited
Turnover: £1,100,000

Road Surfacing & Civil Engineering Contractor
Scotland, UK

Public and private sector road surfacing and civil engineering contractor with a prestigious Royal Warrant for Road Maintenance. Provides roadworks, groundworks and civil engineering services. Diverse customer base including Royal Estates, local auth...

Asking Price: Offers Invited
Turnover: £3,800,000


View more businesses for sale

News Search

Latest News

 
19
 
Jan
 

Luxury lodging group enters administration | ADMINISTRATION

An Essex-based company which operates eight luxury lodge par...

 
17
 
Jan
 

Fine paper business enters administration | ADMINISTRATION

Arjowiggins UK, which operates a number of trading companies...

 
15
 
Jan
 

Hawk Plant enters administration | ADMINISTRATION

The Shropshire company, that has previously undertaken landm...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
01
 
Mar
 

Yorkshire modular buildings manufacturer to be sold | BUSINESS SALE

A buyer is sought for a maker of modular buildings based nea...

 
07
 
Jul
 

Handmade Burger Co in administration | ADMINISTRATION

The Handmade Burger Co has entered administration with nine ...

 
19
 
Sep
 

Two Yorkshire specialist industrial companies go into administration | ADMINISTRATION

Two specialist industrial companies owned by Hughes Armstron...

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