Wed, 24 Feb 2016 | ADMINISTRATION
A heavy round of redundancies has taken place at London-based Powa Technologies, the $2.7 billion (£1.94 billion) tech startup that went into administration late last week, reports the Financial Times.
Administrators from Deloitte were brought in on Friday 19 February. They have since made 74 employees from the company’s UK operations redundant. A representative from Deloitte said: “It had not been possible to continue running the company at its current capacity.”
Rob Harding, Partner at Deloitte, added: “We are talking to a number of potential buyers and looking to implement a sale as soon as possible.”
Thompson Investments was rumoured to have shown interest in buying Powa Technologies, according the company founder, Dan Wagner. However, Deloitte has declined to confirm any sale.
Powa was founded in 2007 and has created mobile payment products. However, the distressed business had struggled to generate enough sales with the founder Dan Wagner telling staff last year that the company was “basically pre-revenue”.
Trouble began after mobile commerce company had been struggling to pay staff and suppliers in recent months. It also missed the January payroll, according to the Financial Times. Powa’s lead investor, Wellington Management, then called in its loans earlier this month and appointed Deloitte as administrators.
Powa Technologies is headquartered in London, and has other offices based in the US, Europe and Asia. Deloitte said the company had 311 staff across the world before the latest round of redundancies had taken place.
View the latest UK businesses in administration.
This practice, which was established in the 1980s, is available for sale due to the retirement of the practitioner.
This practice, which was established in the 1980s, is available for sale due to the retirement. The partners would be available to assist in the transition period to ensure a smooth handover of clients.
This practice, which was established over 25 years, is available for sale due to the retirement. The vendors would be available to assist in the transition period to ensure a smooth handover of clients.
18
|
Apr
|
Education specialist makes second LDC-backed acquisition | BUSINESS SALE
Hybrid, an education media and marketing services firm, has ...
18
|
Apr
|
Administrators appointed to SPV behind £24m Bolton redevelopment | ADMINISTRATION
A special purpose vehicle (SPV) behind a £24 million r...
17
|
Apr
|
Hoxton Capital Management targets more M&A after double acquisition | BUSINESS SALE
International independent financial advisory firm Hoxton Cap...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.