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Thu 22nd Jun 2017 - Orderella goes into administration after £2m of losses, assets sold for £19,000
Orderella goes into administration after £2m of losses, assets sold for £19,000: Orderella, the mobile ordering app that allows customers to order and pay for drinks and food using their mobile phone, has gone into administration after losses of more than £2m. The company’s assets have been bought by Nextround, a company which shares a fellow director, Dennis Collet, for £19,000 plus a sum equal to 20% of the net proceeds of sale above £2m from a future relevant share disposal or asset disposal within a 36-month period. Joint administrators Simon Harris and Ben Woodthorpe of ReSolve Partners were appointed on 8 June with the sale completed four days later. Documents revealed the company, which was launched in August 2012, made losses of £932,471 on turnover of £112,464 for the year ending 31 October 2015. Draft accounts showed a loss of £967,559 in the year ending 31 October 2016 on turnover of £109,469. In the seven months to 31 March, management accounts showed the company lost £239,472 on turnover of £28,876. Orderella was owed £31,017, of which £30,015 relates to a franchisee debt in New Zealand, which is a year overdue. Nextround has entered into a side agreement with Orderella to act as the company’s debt collection agent and if it recovers any funds will receive 50% of the realisations for its work in recovering the debts. Total unsecured creditor claims are estimated at £389,730, which includes an amount due to HMRC of £7,764. No distribution to unsecured creditors is expected. Prior to the administration, the company’s shares, business and assets were marketed to more than 165 distressed investors and specialist private equity funds, together with being advertised on IP-Bid.com, which is a website advertising businesses for sale. Additionally, the directors provided a list of 17 known competitors and industry contacts that ReSolve contacted along with 12 suggested potential interested parties. In total more than 194 parties were directly contacted and eight came through IP-Bid.com. Despite 12 parties signing non-disclosure agreements, receiving additional information and speaking with directors no offers were forthcoming.


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