Digital Advertiser BYYD Tech Appoint SFP
Byyd Tech, the London based digital advertiser with an emphasis on mobile phone app advertising, had been established for several years serving an international client base but despite a turnover of £7.5m, the business was ailing. SFP was appointed to take control. With the company retaining sufficient funds for the Joint Administrators Simon Plant and Daniel Plant to continue trading the business for a short while, there was an opportunity to seek a buyer of the business. The Joint Administrators faced time constraints within which to seek a sale.
SFP was referred by a secured creditor and subsequently instructed by the company. The Joint Administrators traded the business for two weeks whilst carrying out an active marketing campaign. Some strong interest was elicited and the Joint Administrators entered into a period of exclusivity with one interested party. Despite best attempts and drumming up significant interest in the business, the opportunity was not taken by any third parties. The Joint Administrators subsequently wound the business down, completing out on work in progress and realised a further £250,000 to maximise recoveries, before ceasing to trade.
Ensured business was offered to market, completed out on work in progress to maximise recoveries, oversaw repayment of secured creditors and have enabled a distribution to be undertaken to other creditor classes.