Update 19/4/16: The administration report can now be viewed here.
22/2/16: Once worth nearly £2 billion, the London-based mobile commerce company has called in the administrators – putting 311 jobs at risk.
Despite raising substantial funding, the company has struggled of late, having occurred debts of £11.5 million with only £175,000 in the bank.
Clients, including Argos, Adidas and Laura Ashley used Powa Technology to improve customer’s shopping experience. The technology enabled shoppers to make purchases without entering card and address information in store. Instead a code could be scanned, taking them to the checkout on their smartphone.
Deloitte has been appointed to oversee the process, aiming to sell the business as a going concern.
Joint administrator, Nick Edwards, said “We will be working closely with existing management to identify potential purchasers, and keeping staff and other key stakeholders informed of next steps as they become clearer.