In a meeting of creditors on 21 May 2018, Andrew Pear and Michael Solomons of BM Advisory LLP were appointed Joint Liquidators of Mobilewebadz Limited – In Creditors’ Voluntary Liquidation (the Company).
Mobilewebadz, trading as Reporo, was incorporated in 2002 and evolved into one of the world’s largest and fastest growing profitable mobile advertising networks, specialising in direct response mobile advertising and serving 45 billion of conversion-targeted mobile ad impressions per month for products such as VOD, Utility Apps, Gaming, Men’s Health, Casino/Sport Betting and Adult.
Whilst the Company, which operated from premises in London, continued to grow into 2015, turnover declined significantly between 2016 and 2018 as a result of Google and Facebook’s consolidation of mobile advertising, and regulatory and carrier initiatives interfering with the smooth conversion of advertising clicks.
In December 2017, BM Advisory, the specialist restructuring, recovery and insolvency firm, was engaged to provide restructuring advisory services to the Company, where a thorough review of the financial position was conducted and various options considered.
An accelerated marketing campaign in respect of the Company’s business and assets was conducted, but no offers were forthcoming. Subsequently, the decision was taken to effectively cease trading on 10 May 2018 and the Company was placed into Creditors’ Voluntary Liquidation.
Andrew Pear comments: “The Directors worked hard to address the various challenges, however, the Company was unable to generate the revenues required to make meaningful returns. Regrettably this, along with the debt/equity structure which was unsustainable, meant the Company had no option but to cease trading and be placed into liquidation.
“We are now taking steps to realise the assets of the business for the benefit of its creditors.”
The team at BM Advisory offers extensive experience in providing restructuring and refinancing advice across a range of industry sectors.
If you consider you or a client could benefit from a meeting with them to explore the options available, please contact a member of the BM Advisory team or your usual Beavis Morgan Partner.
For more information about BM Advisory visit http://www.bm-advisory.com/