Former chiefs of failed UK tech darling ‘owe millions’

ThE former bosses of a fallen tech company that spent a fortune on lavish parties and trendy offices have filed for bankruptcy ‘owing millions’.

David Brown, who was chief executive of Ve interactive, and Martin King, previously a director, ‘ran out of any other options’, the high Court was told.

Ve interactive was a digital advertising firm which claimed to have leading technology for firms to target consumers.

it was valued at more than £1bn – making it classed as a so- called tech unicorn. But soon after winning acclaim the business flopped when it failed to sign up enough clients while it burned through cash.

The collapse left a string of debtors and was one of the most highprofile failures of Britain’s current tech boom.

Now Brown and King are facing demands from Ve interactive’s creditors to repay millions lent to the company, which went into administration in April. The loan agreement, which was struck in October 2016, was backed by personal guarantees from Brown and King.

But in hearings on Monday and Tuesday, King, 55, said they lacked the cash for repayments and pleaded with a judge to throw out the case. Brown, 45, did not attend. he was said to be at home in Spain with an illness and could not afford to travel to london.

They had no lawyers to represent them, with King left to offer a defence. Filings with the insolvency Service show that King was registered as bankrupt on Monday. There was no information available about Brown.

The pair were branded dishonest by Thomas Sprange QC, who represented a private bank which lent Ve £2m. he claimed they had misrepresented their personal assets – said to have included supercars, loans and shares – when the agreement was struck.

Ve interactive was placed into administration after struggling with debt and failing to pay employees. The start-up racked up thousands of pounds in debt for football tickets, fresh fruit, expensive suits, fireworks, gym classes, private hire cars and cleaning services.

last Christmas Brown bussed staff out into the Oxfordshire countryside for a party at the 12th-century manor Stonor park. Employees enjoyed a country fair, free drink and carnival games. Brown and King were forced out in March by the Treyew consortium, which later bought the company for £2m.

Brown, who was given an entrepreneur award by NatWest in 2016 ( pictured) and listed in this year’s Who’s Who publication, now describes himself as an ‘independent business adviser’ and musician.

he has previously said he was proud of his achievements at Ve interactive and ‘the huge potential i left’. he could not be reached for comment yesterday.

Another company Brown and King were both directors of, Thinkers hQ, has gone into liquidation. Sprange told the court the loan made by the private bank to Ve interactive was used in part to pay £240,000 to Thinkers hQ.

This was not the purpose it was made for, he claimed. But King said it was to cover payroll for staff who provided maintenance to Ve.

A judgement on the case is due next week.