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
A rare opportunity to acquire a long established, profitable, BMW After Market Specialist, with an excellent reputation. Trading profitably since 1994. Offering complete automotive performance, engineering and styling solutions. This is a retirement...
Provides an extensive range of coffee machinery, which is imported from Italy and Spain, and coffee products, which are sourced within the UK. Offers invited.
One of the UK's leading end-to-end service providers. Comprehensive export handling, packing and storage services, providing specialist cargo and goods management to a wide variety of international operations and private clients. 40+ years of success...
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