The UK’s first group trading or community shopping website was set up last yearto give customers an online shopping portal to pool their purchasing power andbuy at wholesale discount rates.
Liquidators Lee Manning and Andy Stoneman, both partners at Kroll, have sold thecompany’s assets including the company’s customer contracts for £220,000 toFrench company Uniondream.
Adabra had built some high-profile contracts with web portal Altavista andinternet service provider Lineone, and in February struck a retail partnershipwith online financial services provider Egg.
The liquidators said key venture capital investors pulled the plug on Adabraafter directors sought further funding, which they blamed on fluctuatinginternet stocks on Techmark and Nasdaq.
Lee Manning said: ‘Preferential creditors will be paid in full and there will besignificant dividends for unsecured investors.’
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast