VE Interactive Limited (06956893): administration
- Status
- Administration ended
- Administration began
- 2017-04-25
- Administrators' firm
- Evelyn Partners
- Incorporated
- 2009-07-09
- Location
- Birmingham
- Industry
- 62090 Other information technology service activities
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 9 July 2009 and traded as a provider of software, digital tech, advertising and consultancy services. Through a process of continuous development and acquisition, the Company possessed a suite of products and services for online businesses, and generated approximately half of its revenue from marketing technologies and half from advertising services. One of the care business elements of the Company was the development and exploitation of certain proprietary software (known as the VePlatform). This assisted ontine retailers to improve their sales, particularly where potential customers had visited their respective websites and loaded items into a virtual shopping basket but not completed the sale.
The Company had a number of warldwide subsidiaries in countries including Hong Kong/China, Singapore, Australia, Japan, Russia, Spain, Poland, India, Vietnam, Romania and Canada (together, “the Group”), all of which were financially supported from the UK. See attached Company structure chart at Appendix X.
The Company and Group were loss making since incorporation, funded by equity investment and debt. From 2011 the Company began investing in subsidiary companies in overseas territories, which continued apace to 2016. In addition, it also acquired a number of strategic investments in other companies to enable it to expand its offering.
Administrators' statement of proposals (2017-05-26) · Companies House register