Deal

Struggling technology firm Ve Interactive, once thought to be worth at least £1bn, was bought by its new management for just £2m.

The news comes after the firm was saved from going into administration following a management buyout last month.

Concha PLC, one of the company’s investors, said in a statement that its board was “deeply disappointed by the recent events and circumstances of the last few months, particularly the actions of both the founder management team and their advisors”.

The statement continued: “We together with other former shareholders in Ve, which in combination have advanced more than £50m in equity funding since the company began trading in 2009, will continue to investigate the actions of those responsible for its demise and indeed any opportunity to participate in the assets and business of Ve going forward, however at this time there can be no guarantees of any such involvement.”

Concha’s shares increased by 24.4% to 0.180p after it released its statement. The company paid £4m for a 0.43% stake in Ve in March last year, describing its investment in the firm as an “exciting investment opportunity”.

Ve’s management buyout was led by a consortium known as Rowchester Limited, which includes the firm’s new CEO Martin Tonnessn and COO David Marrinan-Hayes.

The news comes after The Telegraph reported the firm owed £1.3m in unpaid taxes at the time of its collapse.

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