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
This South London-based construction specialist is a leader in hard surface repair and restoration, with an impressive international footprint. They offer an environmentally friendly alternative to replacement, significantly reducing both landfill wa...
This business offers an established presence in the UK trailer hire market, renowned for innovative and durable trailer solutions across various industries.
This company presents a unique opportunity to acquire a well-established supplier of engineering components and fabrication services, known for its unparalleled product knowledge and fast dispatch times. With an ISO-accredited workshop and a skilled,...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.