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.
You can subscribe to Business Sale Report here
Metal Polishing Supplies, a highly desirable ‘Run from Home’ opportunity established by our client in May 2008. The highly profitable business is now being offered for sale due to genuine health reasons and we strongly advise early enquiries to avoid...
The business is run and managed by our client, with the help of 11 full time members of staff, 6 being qualified butchers. The business is being sold as a Freehold opportunity with 2 x 1-bedroom flats above the premises, both of which are currently l...
FREEHOLD
The business runs as a vehicle repair garage offering a range of services. The garage offer classes 1, 2, 4, 5 and 7 up to 3.5t light commercial MOT’s. Much trade is from garages that don’t have MOT bays themselves. The garage also offers repairs for...
LEASEHOLD
|
12
|
|
Nov
|
MBO at Gloucestershire bricklayers | MBO/MBI
Gloucestershire building services firm Cavendish Park Brickl...
|
07
|
|
Nov
|
Successful MBO at Homefair Blinds | MBO/MBI
Homefair Blinds has been acquired in an MBO led by a trio of...
|
06
|
|
Nov
|
SKS completes four acquisitions | BUSINESS SALE
SKS Business Services has announced the acquisition of four ...
Sign up to receive our acquisition alert emails to get your FREE guide
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