The move has saved 98 jobs at the mobile marketing group, according to administrators at Deloitte. Both Velti DR Limited and Mobile Interactive Group Limited trade under Velti UK and were quickly sold off by the Deloitte to GSO MMBU Private Company Limited (affiliate company of GSO Capital Partners).
After the appointment on 6th January, the Group’s business and assets were sold off to GSO, who at the same time has acquired the global Velti mobile marketing business in the USA. Partners and employees are glad to see the sale as it has saved almost 100 jobs.
Senior Vice President of Velti UK stated, ‘We are excited to be taking the business forward under the new ownership of an affiliate of GSO, who are supportive of our growth ambitions and truly value the innovative market leading solutions that we provide to our customer base’.
Administrators are keen to sell on businesses quickly for a number of reasons. The longer a business is trading whilst in administration, the more potential damage there is to the brand and company values. In addition, if the business is still in administration after 28 days, administrators become personally liable for that business.