A taxpayer-backed occasions start-up which has offered journey experiences that includes Duran Duran and Justin Bieber is on the point of collapse simply months after elevating $150m in recent funding.
Sky News has learnt that Pollen, which has been scrambling to discover a rescue deal for weeks, may crash into administration as quickly as Wednesday.
City sources stated that hopes of discovering a purchaser had pale in current days.
Pollen, which is backed by the federal government’s Future Fund, has didn’t pay workers because it lurched in the direction of catastrophe.
Kroll, the restructuring agency, has been lined as much as oversee the potential insolvency.
Sky News revealed final month that Pollen had drafted in Goldman Sachs in an effort to discover a purchaser.
Pollen’s backers embrace a few of the largest names in enterprise capital investing, corresponding to Northzone and Lansdowne Partners, the hedge fund.
The firm companions with music occasion promoters like Live Nation and Electric Zoo to create unique packages for its clients.
It additionally works with upmarket lodge operators, eating places and nightclubs.
Founded in 2014 by brothers Callum and Liam Negus-Fancey, the corporate had maintained that it was near securing its future by a cope with an unnamed strategic investor.
The Daily Telegraph reported on the weekend that Pollen had been served with a winding-up petition by a creditor, however quoted a spokesman as saying that the debt had been settled.
Pollen didn’t return calls looking for remark, whereas Kroll declined to remark.
Source: information.sky.com”