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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An award-winning company with an excellent reputation within the industry. Reputation in the market for high-quality, state-of-the-art tailored products and services. Offers invited.
Provider of in-depth cyber security consultancy and solutions with ten years' experience within the industry. Offers invited.
Multi-discipline design agency creating bespoke literature including brochures, catalogues, newsletters & prospectuses, as well as designing clients’ websites, alongside e-commerce solutions. Offers invited.
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21
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Kent Logistics provider completes a successful acquisition | BUSINESS SALE
A Kent-based personalised logistics provider, backed by Livi...
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20
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Warrington construction company enters administration | ADMINISTRATION
A prominent construction business headquartered in Orford Gr...
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19
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Prominent stationery supplier enters administration | ADMINISTRATION
Another British high street retailer has fallen victim to th...
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