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.
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