Tech start-up falls into administration, assets get snapped up

Sat, 16 Apr 2016 | ADMINISTRATION

A business start-up that created an app to compare minicab prices recently fallen into administration has had its assets bought at an arguably very cheap price by an astute business in the transport industry.

Minicabster (or Anycabs as it was once known) began life in 2011, and allows people to type in their journey details into the website or its mobile app and get live quotes from local cab operators. It fell into administration at the end of February this year as it struggled with customer acquisition and the difficulties of keeping drivers on the books.

The administrators Elwell Watchorn & Saxton Llp are believed to have worked hard to try and sell the business, but in the end Transport Innovation picked up the assets, which may include the customer database and app search, for a five figure sum.

Transport Innovation run a Freephone taxi service "The UGO Freephone", mostly found in supermarkets across the country.

The press is full of stories of ambitious start-up raising capital to pursue their dreams of taking over the market. However one ought not to forget the fact that most start-ups in fact fail, most within two years. Considering there are a number of very well funded players in this sector, including Uber, Kabbee and Hailo, it’s surprising that Minicabster lasted as long as it did without a strongly differentiated product.

Back in August 2013, Minicabster founders Brooke Purse and David Buttress raised £2 million of funding from investors including and Tom Singh, founder of New Look and Daniel McPherson, founder of Launcha.


Share this article



Latest Businesses for Sale

Iconic British Motorcycle Manufacturer
Oxfordshire, South East, UK

Hand built in their workshop in Oxfordshire and delivered to enthusiasts and collectors all over the world, this is a fantastic and very rare opportunity to take on a truly iconic brand and develop the business to bring out the full potential that br...

Asking Price: £3,750,000
Turnover: £500,000

RELOCATABLE


Recruitment Company: Transport, Logistics & Warehousing Sectors
North West, UK

Offers a comprehensive employment process to ensure all candidates are qualified and meet the required safety and licence checks. Offers invited.

Asking Price: Offers Invited
Turnover: £3,200,000

LEASEHOLD


Business Resilience Continuity Consultancy
London, UK

Provides a range of specialist consultancy through planning, training and exercising, with a focus on crisis management and business resilience and continuity. Offers invited.

Asking Price: Offers Invited
Turnover: £713,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
15
 
Jun
 

Equity funding reaches record high for SMEs | BUSINESS NEWS

As investment rises outside of the capital, small businesses...

 
14
 
Jun
 
 
13
 
Jun
 

Sipp firm with a total investment value of £130m enters administration | ADMINISTRATION

GPC Sipp Limited, a firm specialising in providing technical...

Free guide: 10 Biggest Buyer Mistakes

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

Email


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