Administrators to a taxpayer-backed start-up which bought journey experiences that includes musicians similar to Justin Bieber have laid off the majority of its remaining UK workforce.
Sky News understands that Kroll, which was appointed this week to supervise the insolvency of Pollen’s father or mother firm, Streetteam Software, knowledgeable employees on Thursday that solely a handful can be saved on because it makes an attempt to grasp worth for collectors.
Kroll has but to be formally appointed administrator to Pollen’s subsidiaries, with the corporate’s founders retaining management of these in the meanwhile.
Pollen had been scrambling to safe a rescue deal for weeks, however collapsed simply months after saying a $150m funding spherical which included the federal government’s Future Fund.
The ticketing firm’s backers included a few of the largest names in enterprise capital investing, similar 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.
In May, it laid off about 200 individuals, or roughly one-third of its total workforce, adopted by one other 200 redundancies earlier this month.
Founded in 2014 by brothers Callum and Liam Negus-Fancey, the corporate had maintained in current weeks that it was near securing its future by means of a cope with an unnamed strategic investor.
Matt Ingram, a managing director at Kroll and joint administrator to Pollen, mentioned this week: “Pollen has established leading global brands and is at the forefront of the evolving experience travel sector.
“The legacy of the COVID-19 pandemic has had a devastating affect on the expansion mannequin of the group, however the underlying idea, manufacturers and know-how that the enterprise has established will current a compelling alternative because the journey sector recovers.
“We encourage any interested parties to contact us without delay.”
Source: information.sky.com”