Further details of the Byyd administration process emerged this week, with SFP confirmed as the overseeing proceedings, with the insolvency practitioners revealing that it could not find a buyer for the mobile specialist outfit within the defined period.
Despite a turnover of £7.5m in 2015, Byyd experienced mounting debts and financial loss totalling £1.95m, according to SFP, which also revealed it had to make several of the remaining staff redundant as part of a cost-cutting measure while it was seeking interest from parties for a sale of the business, as well as its assets.
“Despite early positive signs and several interested parties showing a strong interest in the business and assets, a successful sale could not be concluded and the deadline for offers has now expired,” according to a release detailing the proceedings.
The company has since ceased to trade and skeleton staff have been retained to undertake an orderly wind down of the company’s affairs.
Simon Plant, a partner at SFP added: “Potential investors were not comfortable with the value of investment required to pay down outstanding debts, neither were they convinced about Bydd Tech’s business model going forward. Despite strong interest, with one party in particular contributing a sum towards trading costs in return for an exclusive period, the opportunity was ultimately not strong enough to attract an offer.”
Last month The Drum revealed Byyd had filed for administration, with many sources on the matter noting that the demand-side platform (DSP), one in particular claimed that it was the mobile advertising specialist’s reliance on a trading deal with Group M (which subsequently expired) contributing a great deal to its demise.