Tue, 08 Mar 2016 | BUSINESS SALE
E-commerce software business Powa Technologies has sold two of its divisions since entering administration in February. The fire sale was made in an attempt to save 69 jobs.
PowaTag, a smartphone app for buying products by taking photos of adverts, was bought by a consortium led by recently appointed director of Powa Technologies, Ben White. PowaWeb, which runs high-profile e-commerce websites for numerous clients including Electrolux, was bought by marketing agency Greenlight Digital.
Warren Cowan, Greenlight's chief executive, said “the business has been run fairly idiosyncratically at a higher level”. He added that Greenlight’s acquisition of PowaWeb was “not a £1 sale”.
All 20 PowaWeb staff will be retained, and those who have not be paid will be compensated in full. “Looking after those staff and making sure they are completely satisfied and happy is our number one concern,” said Mr Cowan.
However, one job that hasn’t been saved is that of Dan Wagner, the company’s founder and chief executive, who has been removed from the board of directors, along with deputy chairman Anthony Sharp and non-executive directors Ivor Dunbar and David Stirling. Their appointments were terminated just after the distressed business went into administration in late February 2016.
In a bizarre twist, it also appears that someone has been editing the Wikipedia page of Dan Wagner since June 2009, in an attempt to make the former founder and CEO look better, according to a report by Business Insider.
For more information, read our guide on how to profit from buying a distressed business.
This is an exciting opportunity to acquire a well established and highly regarded children’s day nursery which is situated in a bustling town in Merseyside. Impressive purpose built detached children’s day nursery, registered for 100 children. Conven...
LEASEHOLD
Impressive purpose built day nursery (Registered for 48 children). Operated under management. Convenient & accessible setting, excellent reputation, genuine growth potential. The nursery occupies a convenient and accessible position in a well populat...
LEASEHOLD
Well established and impressive children’s indoor activity centre and party rooms. Prominent and accessible trading position, excellent reputation. Superbly presented throughout, 200 covers, car parking. The main open plan play area is presented to a...
LEASEHOLD
|
18
|
|
Nov
|
Kitwave acquires Alpine Fine Foods | BUSINESS SALE
Independent wholesaler Kitwave has acquired Alpine Fine Food...
|
15
|
|
Nov
|
Carpetright agrees to shareholder takeover deal | BUSINESS SALE
Carpetright has agreed a deal to be taken over by its larges...
|
14
|
|
Nov
|
Scale manufacturer taken over in MBO | MBO/MBI
Weighing scale manufacturer Marsden Weighing Group has been ...
Sign up to receive our acquisition alert emails to get your FREE guide
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