Split The Bills bought out of administration

Wed, 03 Aug 2016 | ADMINISTRATION

A company that helps student accommodation sharers stay organised with the household bills, called Split The Bills, has been purchased out of administration, Insider Media has reported.

Paul Whitwam and David Willis from BWC Business Solutions were brought in to manage the administration proceedings and asset sale for the company last week. The assets of Split The Bills Ltd were bought by STB 2016 Ltd, a newly created business set up by Ashley Tate, the entrepreneur owner of Split The Bills. Fifty-two staff were transferred to the new company.

The company had been placed under pressure by one of its suppliers, and while Mr Tate strived to avoid engaging in the administration process, he eventually opted for it as the best way to preserve jobs and the value of the business.

He said: “We tried to negotiate but we were ultimately backed into a corner by a business with very deep pockets.”

Under its new formation, the business intends to hire 10 more staff in the coming six months, and boost its technology, while its finances will also receive a lift, with deals underway to bring in more funds in the next month.

Ashley Tate, 27, who won an accolade for Young Entrepreneur of the Week by Huffington Post in March 2014, set up the business in 2011 in Sheffield. It manages and pays household bills — water, electric, gas and TV licence — for an initial fee and weekly charge. The service enables students to see what they are paying on a monthly basis.

Full list of distressed business listings


Share this article



Latest Businesses for Sale

Bearings, Power Transmissions & Motion Transfer Linkages Manufacturer
UK Wide

Highly respected brand within core operational sectors, with almost 30 years of successful trading. Predominantly works with OEMs and MRO distributors, producing a wide range of bespoke components, as well as an ‘off the shelf’ catalogue range. Offer...

Asking Price: Offers Invited
Turnover: £7,000,000

FREEHOLD


Village Bakery & Shop
Leicestershire, UK Wide

The business is split into two parts, The Village Bakery, which bakes bread, cobs, rolls, cakes, sausage rolls, pasties, pies etc and sells them retail through The Bakers Shop and wholesale to companies in the local area. The Bakers Shop has many reg...

Asking Price: £280,000
Turnover: £304,000

FREEHOLD


Signs Designer, Manufacturer & Installation
Cheshire, UK Wide

A well-established and respected name within the industry and are designers, manufacturers and installers of shop and factory signs as well as vehicle graphics, exhibition material, flags and flagpoles, labels, CNC machining, Flat bed and roll to rol...

Asking Price: £259,950
Turnover: £550,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
20
 
Aug
 

EAG construction business snapped up by Elaghmore | BUSINESS SALE

English Architectural Glazing Limited (EAG) has been snapped...

 
19
 
Aug
 

Childcare entrepreneur boosts portfolio with Liverpool acquisition | BUSINESS SALE

The Griffin Nursery, a children’s day nursery in Bootl...

 
15
 
Aug
 

Payroll and HR companies acquired by software group | BUSINESS SALE

IRIS Software Group has finalised the agreement of intent to...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
20
 
Aug
 

EAG construction business snapped up by Elaghmore | BUSINESS SALE

English Architectural Glazing Limited (EAG) has been snapped...

 
19
 
Aug
 

Childcare entrepreneur boosts portfolio with Liverpool acquisition | BUSINESS SALE

The Griffin Nursery, a children’s day nursery in Bootl...

 
15
 
Aug
 

Payroll and HR companies acquired by software group | BUSINESS SALE

IRIS Software Group has finalised the agreement of intent to...

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