Bidstack Group PLC (04466195): administration
- Status
- Administration ended
- Administration began
- 2024-03-22
- Administrators
- Paul Berkovi, Mark Granville Firmin
- Administrators' firm
- Alvarez & Marsal
- Formerly
- KIN Group PLC; Fitbug Holdings PLC; Addleisure PLC.; RTI Fifteen PLC
- Incorporated
- 2002-06-20
- Location
- Brighton
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Regulatory change or action
From the administrators' statement
The Company was incorporated on 20 June 2002, initially operating as a holding company for a group of companies involved in the development of services and products for the health and leisure sector, trading under the names ADDleisure plc, Fitbug Holdings plc and Kin Group plc.
During 2017, following the administration of one of Kin Group plc’s trading entities, the Company undertook a Company Voluntary Arrangement (“CVA”), and a separate market placing, in order to raise additional funds, ultimately becoming a “Rule 15 Cash Shell” under Rule 15 of the AIM Rules. The Company then entered into discussions with various businesses interested in obtaining a listing via a reverse takeover (“RTO”).
In September 2018, the Company acquired Bidstack Limited (“Bidstack”) by way of an RTO. Bidstack had originally been incorporated as a programmatic advertising proposition. Bidstack’s focus was initially on changing the way Out of Home (“OOH”) digital advertising was brought to market, without the need for traditional media outlets.
Administrators' statement of proposals (2024-04-10) · Companies House register