On-demand laundry app snapped up after administration

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.

Share this article

Latest Businesses for Sale

Access Control Systems & CCTV Consultancy
Hertfordshire, South East, UK

Offers an extensive range of specialist property development solutions. Provides a multitude of security systems, including installation and maintenance. Works with circa 140 active clients, 85% of whom provide repeat business. Offered for sale to fa...

Asking Price: Offers Invited
Turnover: £530,000


Telegraph Pole & Fibre Optic Installation & Replacement Services
UK Wide

Works with national communications networks and utility companies to provide rapid, reliable telegraph and utility pole services. Operates nationally, predominantly working with clients based across the Midlands. Works with market-leading, blue-chip...

Asking Price: Offers Invited
Turnover: £2,450,000


Passive Fire Protection Specialist
UK Wide

Supplies and installs a range of comprehensive passive fire protection systems in buildings throughout the UK. Services offered include structural steel protection, fire stopping, acoustic and air sealing and soffit insulation. In addition to its cor...

Asking Price: Offers Invited
Turnover: £6,390,000


View more businesses for sale

News Search

Latest News


Iconic retailer Debenhams falls into administration once again | ADMINISTRATION

The long-established British retailer Debenhams has appointe...


Long Eaton furniture manufacturer enters administration | ADMINISTRATION

Long Eaton-based furniture group JDP Furniture has entered a...


Insurance broker bought out of administration | BUSINESS SALE

Flintshire-based insurance broker Staveley Head has been acq...

Free guide: 10 Biggest Buyer Mistakes

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


Related News


Long Eaton furniture manufacturer enters administration | ADMINISTRATION

Long Eaton-based furniture group JDP Furniture has entered a...


Peacocks to rescue Bonmarche | BUSINESS SALE

Peacocks has agreed a deal with administrators to rescue riv...


Building contractor Simons goes into administration | ADMINISTRATION

Lincoln-based building contractor Simons Group has announced...

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