Second failure of ex-unicorn Ve to cost creditors £34m

FORMER technology “unicorn” Ve Global UK owed the taxman £1.1m when it collapsed and was in debt to former Tory party treasurer Lord Lupton.

Ve, which at one stage was valued in excess of £1bn, went into administration for a second time in May after failing to find a buyer.

It is the second collapse of Ve in just five years. At one stage viewed as one of the UK’S most exciting technology companies, developing marketing technology that encouraged shoppers to spend more online, Ve was first bought out of administration in 2017 for £2m.

Under new chief executive Jack Wearne, a former Citibank trader who was appointed in 2020, Ve attempted to engineer a turnaround after several turbulent years.

However, administrators Opus said Ve remained “loss making throughout its trading history” and had burnt through £4m in the year before its collapse.

Administration documents show the

UK entity owed £34.5m to unsecured creditors. This includes £31.4m owed to a parent entity, Ve Global Limited, which is not in administration.

The company secured £1.5m in investment from Lloyds Banking Group director Lord Lupton and two other investors earlier this year, resulting in a £6.7m charge over its assets.

It was later hit with demands from HMRC for £1.1m in February. The company was unable to pay, bringing in advisers Hilco Streambank to try to sell the business and Opus to restructure it.

According to marketing documents sent to prospective buyers in an attempt to sell the business, Ve was “considered a tech unicorn and valued in excess of £1bn based on historic fundraisings”.

It had around 115 staff at the time, almost all of whom have since been let go. Opus were appointed administrators in May after it failed to find a buyer.

Opus and Mr Wearne did not respond to requests for comment.

Ve’s original backers included David Furnish, the husband of Sir Elton John.