ANOTHER slice of the Powa Technologies empire has been sold, administrator Deloitte has announced.
The Big Four firm’s joint administrators of Powa Technologies Group Plc and Powa Technologies Limited – Nick Edwards and Rob Harding – revealed the sale of the “PowaPOS” branded business.
PowaPOS has been bought by Israeli security outfit, SuperCom Ltd. The firm provides advanced safety, identification, and security products to governments as well as private and public sector organisations globally.
Rob Harding, who has been leading on the sale of business, said: “Following the previous sale of the PowaTag and PowaWeb businesses in early March, the sale of PowaPOS to SuperCom concludes a successful sale process in respect of the Company’s three divisions. We are delighted to have sold all constituent parts of the business and wish the SuperCom team every success in taking the PowaPOS businesses forward.”
Deloitte was appointed as administrators to Powa Technologies Group Plc on 19 February and Powa Technologies Limited on 22 February 2016. On 3 March the administrators announced the sale of the Group’s “PowaTag” and “PowaWeb” businesses, preserving UK-based 69 jobs.
Problems at the mobile payments firm came to a head in January when reports emerged that it wasn’t able to pay all its staff when new funding streams could not be agreed.
Shortly after, on February 17, its biggest investor, Wellington Management, called in its outstanding loans and Deloitte were appointed.
The wider Powa company employed around 300 staff globally.
Fraser Nicol joins the firm from EY, bringing experience in cyber security, data analytics and business technology
Rowan Williams will be responsible for growing the firm’s presence in the Gatwick Diamond and across the south east
Kevin Humphreys joins the insolvency and restructuring firm from the National Crime Agency (NCA) Economic Crime Command
Ann Pomfret joins the Manchester office from BDO