Update: Ve Interactive has been bought out of administration in a pre-pack administration deal, securing 1000 jobs. The company will continue to trade under management of the CEO Morten Tonnesen and MD David Marrinan-Hayes.
Ve Interactive is going into administration, after failing to secure sufficient funding to continue running. According to reports, the company has been struggling to pay employees their wages at the end of each month since December.
Known as a 'unicorn' company with a previous rare valuation of over £1 billion, Ve Interactive employs over over 1000 staff across 36 offices. Reports say just last month the company was valued at £300 million.
500 individual investors have put in a total of £50 million into the business. The board of directors are working to find a solution with the administrators to keep the business afloat.