UK redundancies after Powa enters administration

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.


Share this article



Latest Businesses for Sale

Range of Boxed & Ex-Display Lighting & Accessories (Fast Sale)
UK Wide

Closing From 10am Monday 25 March 2019. Subscribe for more information and seller contact details.

Asking Price: Offers Invited
Turnover: £500k - £1m

Newsagents & Card Shop
Royton, Oldham, Manchester, UK Wide

Shopping precinct trading location. Spacious premises. Parking to rear. Mainly managed by staff. Offers invited.

Asking Price: £79,950
Turnover: £480,000

LEASEHOLD


Garage & MOT Station
Aughton, Sheffield, South Yorkshire, Yorkshire and the Humber, UK

Established Since 1990. Automated MOT Test Station completed with reliable and experienced staff. This is a retirement sale. Offers invited.

Asking Price: £359,950
Turnover: £358,198

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
18
 
Mar
 

Buyer sought for Leeds pub group | ADMINISTRATION

Administrators for pub group headquartered in Leeds are on t...

 
17
 
Mar
 

Tavistock places two North East pubs for sale | BUSINESS SALE

The Lambton Worm and The New Plough pubs in County Durham ha...

 
16
 
Mar
 

Construction mogul Dawnus braces itself for administration | ADMINISTRATION

Dawnus Construction, the property development giant based in...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
19
 
Jan
 

Luxury lodging group enters administration | ADMINISTRATION

An Essex-based company which operates eight luxury lodge par...

 
17
 
Oct
 

IT distribution company enters administration | ADMINISTRATION

Beta Distribution, a specialist IT services and distributor ...

 
04
 
Sep
 

E-commerce company acquires beauty product manufacturer | BUSINESS SALE

In a deal valued at roughly £60 million, online retail...

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