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

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.

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