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.
Il Bacio Express, an authentic Sardinian restaurant which was established by our client in 2000. Our client is now looking forward to moving back to Sardinia. Il Bacio Express opened in 2000 as a pizza and pasta café. Since then the business has grow...
Specialises in providing complete, responsive loss adjusting services for property, motor, goods in transit and liability insurance claims. The shareholders are offering the business for sale due to their retirement plans. Offers invited.
Gas leakage repair solutions and pipeline corrosion protection to the utilities industry. Strong second-tier management team in place able to run the day-to-day operations of the business. Offers invited.
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