Former UK Unicorn Ve Global has announced that it is in “financial distress” five years after it was bought out of administration.
Former UK “Unicorn” Ve Global hits financial difficulties
The company has launched an accelerated sales process for its assets following poorer than expected trading in recent months.
The struggling start-up, which was valued at £1.5 billion in 2016, says it risks going out of business if a buyer is not found within weeks.
The company, which makes e-commerce software used by retailers, has had a rocky history. Previously known as Ve Interactive, the company was a “Unicorn”, but it entered administration in 2017.
“Ve needs immediate funding to improve its cash flow position,” the company said in a note sent to staff, adding that if the sales process failed, the “worst-case scenario would be the company being wound up”.
The 2017 administration of Ve Interactive was controversial, with the company sold for £2 million to a consortium of existing investors.
The High Court later removed the administrators so that Deloitte could be brought in to investigate the process.
Accounts for 2019, the most recent available, showed losses of £11.5 million and revenues falling 30% to £16.8 million. Accounts for 2020 are three months late.
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