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
The business for sale is a highly contemporary bar and bistro serving an array of high quality, locally sourced and freshly prepared food and drinks with a great environment. Great reputation in the area for food and live music. Has built up a reliab...
LEASEHOLD
Leading cleaning company in area. High-quality contracts and clientele. All equipment included in the sale. Well-established. Company has an excellent retention rate with a valuable team of staff. Huge scope for growth. The business is now for sale o...
LEASEHOLD
This is an excellent opportunity for an interested and committed buyer to take on a highly reputable e-commerce business which specialises in strapping and other fastening equipment. Excellent online reputation. Wide range of stock. Loyal commercial...
RELOCATABLE
|
29
|
|
May
|
Monsoon Accessorize close to administration | ADMINISTRATION
Fashion retailer Monsoon Accessorize is close to entering ad...
|
28
|
|
May
|
M&G completes purchase of Ascentric platform from Royal London | BUSINESS SALE
Asset manager M&G has completed the purchase of wealth manag...
|
27
|
|
May
|
Food-to-go supplier calls in administrators | ADMINISTRATION
Adelie Foods, one of Britain’s biggest suppliers of sa...
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