FIRM’S LAVISH SPENDING

VE Interactive was an advertising technology firm founded in 2009. It quickly became one of the City’s most talked-about start-ups and boasted a market leading technology.

The company had raised about £50m, largely from private investors, and by 2016 was reportedly worth around £1.5bn.

But despite not signing up many major clients, bosses at the firm, including chief executive David Brown, presided over lavish spending on parties, trendy furniture and football tickets.

This was not to last and, after it fell into debt, Brown and Martin King were ousted in March. Their remaining shares were wiped out and Ve was bought out of administration for £2m.

Now, creditors who lent the company money in 2016 are pursuing Brown and former director King for their cash.