On-demand laundry service, Laundrapp, known as the ‘’uber of dry cleaning’’ has been acquired by Inc & Co after going into administration last week.
Investors poured over £15 million into laundrapp, since its launch in 2015, but cash flow difficulties meant it was not feasible hence entering administration and the investors declining to invest any more.
FRP advisory were appointed, with the company’s assets said to be sold off for less than £1 million.
In the words of administrators at FRP Advisory, ‘’Laundrapp had suffered unsustainable cash flow pressures in recent months after the reserves of the business has been exhausted and further investment from existing shareholders was not forthcoming.’’
With the future of the business now more certain, Laundrapp aim to capitalise on the continuing exponential growth of the on-demand laundry sector, projected to reach $52 billion by 2022. To do this, a new growth strategy is expected to be launched. It is thought this will include a new digital offering of its website and app as well as a high-level customer acquisition and retention strategy.