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

Commercial & Residential Scaffolding (Fast Sale)
South East, UK

A sale will be executed at the earliest opportunity with offers received by Friday 10th July 2020. Long‐established (c.15 years), regionally‐based, commercial and residential scaffolding business for sale. Highly profitable business with regular repe...

Asking Price: Offers Invited
Turnover: £400,000

LEASEHOLD


Eco-Friendly, Recyclable & Biodegradable Products Online Retailer
UK Wide

Has in excess of 2,100 subscribers, all of whom provide reliable, repeat business on an ongoing basis, in addition to a high volume of customers making one-off purchases. Operates from leasehold premises; however, the company could be relocated to a...

Asking Price: Offers Invited
Turnover: £1,067,787

RELOCATABLE


Pest Control Solutions
South East, UK

Offers professional and humane pest control solutions, helping clients throughout the South East maintain pest-free environments. Sources ethical, effective and competitively priced solutions, which meet its clients’ requirements. Offers invited.

Asking Price: Offers Invited
Turnover: £576,745

FREEHOLD



View more businesses for sale

News Search

Latest News

 
03
 
Jul
 

Next completes sale and leaseback of head office and warehouses | COMMERCIAL PROPERTY

High street fashion retailer Next Plc has confirmed the succ...

 
02
 
Jul
 

Benchmark Holdings secures sale of veterinary business | BUSINESS SALE

Sheffield-headquartered aquaculture health, nutrition and ge...

 
01
 
Jul
 

TM Lewin to close all UK stores in pre-pack administration | ADMINISTRATION

Shirtmaker TM Lewin will close all 66 of its UK stores as pa...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
24
 
Jun
 

JD Sports buys back Go Outdoors from administrators | BUSINESS SALE

JD Sports has bought back retail chain Go Outdoors after pla...

 
23
 
Jun
 

Digital photography firm Picsolve sold out of administration | BUSINESS SALE

Derby-based digital photography firm Picsolve has been sold ...

 
22
 
Jun
 

JD Sports set to appoint administrators to Go Outdoors | ADMINISTRATION

JD Sports Fashion has filed a notice of intention to appoint...

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