Thu, 27 Apr 2017 | MBO/MBI
Ve Interactive, the UK technology and marketing firm once valued at £1 billion+, has been rescued out of administration through a management buyout (MBO).
The London-based agency said this week that it had been bought out by a group of existing investors including its chief executive Morten Tonnesen and the businessman Doug Barrowman.
The MBO will safeguard hundreds of jobs and allow it to grow, the company said in a statement.
Established in 2009, Ve was one of the most-talked-about firms of the London start-up scene, going on to win a variety of industry awards.
But the company, which had seen its valuation slashed from £1.5 billion to £300 million, collapsed after struggling to pay its workers on time. It was forced into administration after one of its creditors issued a winding-up petition.
In a statement Ve said: “The interim management team has successfully bought Ve Interactive out of administration which means the UK tech business is protected for the future.
“The company will now seamlessly continue to trade under the management of CEO Morten Tonnesen and managing director David Marrinan-Hayes.
“The management buyout was backed by a consortium of existing significant shareholders and creditors who provided the funds to ensure the long-term security of the business.”
Here are the latest businesses in administration.
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Delivers efficient and bespoke solutions to UK-based clients operating across a diverse range of sectors. Services offered include manned guarding; mobile patrols; front of house; key holding and alarm response; CCTV services, access control and door...
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Offers a wide range of fashionable, chic and affordable clothing items for customers throughout the UK and internationally. Retails its products in sizes 8 to 32, maintaining its price point across the range. Achieved an ‘Excellent’ rating on Trustpi...
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Handles all aspects of business- and consumer-focused market research. Utilises extensive bespoke facilities to carry out qualitative and quantitative research. Benefits from an excellent reputation, having been in operation for over 30 years.
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