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

Accountancy Practice: 2 Partnered
Gwent, Wales, UK

This practice, which was established in 1955, is available for sale due to the impending retirement of the partners. Requirements: One of the partners will be available to assist in the transition period to ensure a smooth handover of clients. Offers...

Asking Price: Offers Invited
Turnover: £400,000

FREEHOLD


Accountancy: 4 Partner Practice
Cheshire, UK Wide

This practice, which was established in 2008, is available for sale due to the impending retirement of the partners. Offers invited.

Asking Price: Offers Invited
Turnover: £1,735,000

LEASEHOLD


Accountants: 2 Partner Firm
West Yorkshire, Yorkshire and the Humber, UK

This practice, which was established in 1985, is available for sale due to the impending retirement of the partners. Offers invited.

Asking Price: Offers Invited
Turnover: £360,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
17
 
May
 

Greater Manchester staffing firm acquires security services company | BUSINESS SALE

A security services business headquartered in Newton-le-Will...

 
16
 
May
 

Midlothian IT company enters administration with assets up for sale | ADMINISTRATION

An Edinburgh-based IT firm has collapsed into administration...

 
15
 
May
 

Logistics recruiters and distributors snaps up Birmingham-based counterpart | BUSINESS SALE

Challenge TRG Group, headquartered in Wigan, has successfull...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
14
 
Mar
 

Hull furniture manufacturer enters administration | ADMINISTRATION

A high-end furniture manufacturing business based in Hull ha...

 
02
 
Mar
 

Interior fitting business enters administration | ADMINISTRATION

An interior fit-out company based in the Midlands has fallen...

 
01
 
Mar
 

Yorkshire modular buildings manufacturer to be sold | BUSINESS SALE

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

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