BUYERS have been found for two Powa Technologies Group companies, administrator Deloitte has announced.
The Big Four firm said that 69 jobs has now been secured following the successful sale of the group’s PowaTag and PowaWeb businesses.
Deloitte confimed that the PowaTag business has been sold to a consortium led by Ben White, while the PowaWeb outfit has been sold to a management buyout (MBO) team led by Andy Muldoon and backed by Warren Cowan and the team at Greenlight Digital (a UK based digital business group).
Rob Harding, joint administrator said: “Given the precarious financial position of the business, we have had to run an accelerated and focussed M&A process, quickly zeroing in on the key likely purchasers after our recent appointment.
“We are delighted to have secured a sale for the business preserving a significant number of jobs and wish Ben White, Greenlight Digital and the respective management teams every success in taking the businesses forward. This has been an extremely challenging time for many including the group’s employees and management.
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.
Deloitte were appointed as administrators to Powa Technologies Limited on 22 February 2016.
The wider Powa company employed around 300 staff globally.
Political and economic uncertainty behind the fall in confidence
Just Racing Services, operating company of the Manor Racing Formula One team has entered administration
Last year 16 oil and gas companies became insolvent, finds Top Ten firm Moore Stephens
Team Rock the publication of classic rock is in administration with FRP Advisory