Tech firm Ve rescued from administration via MBO

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


Share this article



Latest Businesses for Sale

Elderly Care Home
Essex, South East, UK

Old Age and Dementia Care Home, Essex – Registered for 27. Care home registered for 27 service users within the categories of old age and dementia care. The home has benefited from an extensive refurbishment programme, since then the home is rapidly...

Asking Price: £895,000
Turnover: £389,821

Care Home
West Midlands, UK

Care home in convenient West Midlands location, registered for 38 residents specialising in dementia care. This attractive and highly reputable home features all single bedrooms. Our client has owned the business since the early 1990's and has chosen...

Asking Price: £2,200,000
Turnover: £1,018,560

Fish & Chips Takeaway
Cornwall, UK Wide

A very successful fish and chip takeaway enjoying a prominent and highly visual trading location in the south Cornwall town of Helston. Well-appointed takeaway area with 7-pan gas range, adjoining retail area, storage and preparation rooms. Spacious...

Asking Price: £675,000
Turnover: £365,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
28
 
Jan
 

Fairstone completes double acquisition | BUSINESS SALE

Tyne and Wear-based consolidator Fairstone Financial Managem...

 
27
 
Jan
 

Amigo founder puts company up for sale | BUSINESS SALE

Amigo founder James Benamor has put the subprime lender up f...

 
24
 
Jan
 

Hawkin’s Bazaar enters administration | ADMINISTRATION

Norwich-based novelty toy retailer Hawkin’s Bazaar has...

Free guide: 10 Biggest Buyer Mistakes

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

Email


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