Fire sale at embattled Powa Technologies

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.


Share this article



Latest Businesses for Sale

Luxury Kennels & Cattery
Yorkshire and the Humber, UK

Luxury kennels and cattery with professional grooming parlour (licensed for 142 dogs and 26 cats) in Peterborough for Sale. An opportunity to acquire this luxury kennels and cattery with stunning spacious four bedroom detached residence which must be...

Asking Price: £1,500,000
Turnover: £522,542

LEASEHOLD


Haulage Business
South Wales, Wales, UK

The business has been established for a number of years and has been owned and operated by the founder since that date. Offers invited.

Asking Price: £850,000
Turnover: £2,595,443

FREEHOLD


Bar & Function Room
Ilkley, Yorkshire and the Humber, UK

Situated in the heart of Ilkley town centre just off the busy Brook Street. The yard is a stylish bar offering a wide range of drinks, good, quality food, music with varied DJ’s and live artists all encompassed in an interesting layout. Offers invite...

Asking Price: £775,000
Turnover: £600,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
22
 
Mar
 

Scunthorpe nightclub up for sale | BUSINESS SALE

A former nightclub based in Scunthorpe has been put up for s...

 
21
 
Mar
 

Kent Logistics provider completes a successful acquisition | BUSINESS SALE

A Kent-based personalised logistics provider, backed by Livi...

 
20
 
Mar
 

Warrington construction company enters administration | ADMINISTRATION

A prominent construction business headquartered in Orford Gr...

Free guide: 10 Biggest Buyer Mistakes

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

Email


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