Wed, 19 Feb 2020 | BUSINESS SALE
Laundrapp, an on-demand laundry service which was touted as the “Uber of dry cleaning”, has been acquired by Inc & Co Group after going into administration last week.
It was founded in 2015 and provided laundry and dry cleaning services via an app, which clothing collected from customers before being cleaned and returned.
The company went into administration on Friday, with its investors, including Michael Spencer (who invested almost £2 million) and Hambro Perks (which invested around £1.5 million), losing their investments in the start-up.
Investors poured over £15 million into Laundrapp over successive funding rounds, but cash flow difficulties saw the company forced into entering administration after investors declined to invest further capital.
Laundrapp appointed corporate restructuring firm FRP Advisory as administrator, with the company’s assets subsequently sold off for reportedly under £1 million.
FRP Advisory said the business would continue trading following the sale, adding: “Laundrapp had suffered unsustainable cash flow pressures in recent months after the reserves of the business had been exhausted and further investment from existing shareholders was not forthcoming.”
Alastair Massey, joint administrator, said Laundrapp “had run into financial difficulty in recent months and without further investment would have been forced to cease trading”.
Last year, Laundrapp had acquired Zipjet, a move that helped to significantly increase its market share.
Regarding the future of the business, Laundrapp aims to capitalise on the continuing exponential growth of the on-demand laundry sector, which is projected to reach worldwide sales of $52 billion by 2022, by launching a new growth strategy.
This will reportedly include a new digital offering of its website and app as well as a high-level customer acquisition and retention strategy.
Leading provider of traffic management and car parking solutions including valet parking car park management and enforcement traffic management consultancy cash and audit services and counter-terrorism systems. Serving static venues and mobile and gr...
Provides a comprehensive range of security services to commercial and residential customers regionally. NSI Gold, SIA, and SafeContractor approved. Currently provides its services to 750 active clients and has 15-year client relationships in place.
LEASEHOLD
Designs maintains & installs heating ventilation & plumbing systems for schools local authorities commercial properties industrial & defence sites including boiler & pipework installation commissioning repairs & scheduled maintenance.
|
20
|
|
May
|
Administrators seek buyer for gourmet instant noodle brand | ADMINISTRATION
Bournemouth-based instant foods brand Mr Lee’s Pure Fo...
|
19
|
|
May
|
Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE
Legal services company Knights has acquired Portsmouth-headq...
|
18
|
|
May
|
Insolvencies forecast to surge 37 per cent in 2022 as inflation hits 40-year high | BUSINESS NEWS
Businesses in the UK look set to come under continuing press...
Sign up to receive our acquisition alert emails to get your FREE guide
|
07
|
|
Oct
|
Cleveland Bridge assets to go to auction next month | COMMERCIAL PROPERTY
It has been confirmed that an auction of the property and as...
|
10
|
|
Sep
|
Cleveland Bridge property and assets to head to auction as search for a buyer fails | ADMINISTRATION
Administrators for structural engineering firm Cleveland Bri...
|
08
|
|
Sep
|
Assets for sale as Scottish wind turbine firm enters administration | ADMINISTRATION
Scottish wind turbine manufacturer CS Wind (UK) has fallen i...
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