Jobs saved at Powa as buyers swoop for PowaTag and PowaWeb businesses
Jobs have been saved at UK fintech giant Powa, after its PowaTag and PowaWeb businesses were sold.
The company, one of the UK's only $1bn tech "unicorns", filed for administration last month.
But today administrators Deloitte said 69 jobs were saved after PowaTag was sold to a consortium led by Ben White, while the the PowaWeb business has been sold to Warren Cowan and the team at Greenlight Digital, a UK based digital business group. Andy Muldoon will retain his role in heading up the PowaWeb team within Greenlight Digital.
The company, which creates ecommerce software, employs 300 people globally.
In a statement, Rob Harding, a joint administrator of the business, 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."
Some 74 jobs were thought to have been lost after Powa, based in the Heron Tower, appointed administrators two weeks ago.
At the time, Nick Hood, business risk analyst at Opus Business Services, told City PM the "rate of cash burn" had "outstripped investor willingness to replace it".
Powa last filed accounts with Companies House in 2014. In February 2015, auditors BDO resigned.
— Update 4.05pm
Changed after Deloitte issued a clarification showing the PowaWeb sale was not a management buyout.