CVA for Online Ventures group company
A COMPANY associated with the online marketing group Online Ventures is going through a company voluntary arrangement (CVA) after reaching a deal with its creditors.
Manchester-based Online Ventures Limited agreed a deal to pay 60p in the pound in November. The CVA’s supervisor is Andrew Rosler of Bolton-based Ideal Corporate Solutions.
A document filed at Companies House shows one of the creditors, HM Revenue & Customs, has stipulated the firm must pay at least £3,000 a month, but the total debt is not revealed. In the year to March 2013 the business had total liabilities of £340,500.
Online Ventures is owned by brothers Justin and Paul Yates and James Welch, the company’s chief technical officer. The main trading business, which handles web design and search engine optimisation, is held within OVG Ltd which is not affected by the insolvency procedure. The three shareholders also own Huddled Media which runs the Huddled business news website.
In a statement Paul Yates said: “As is a matter of public record, OVG is a group structure that was created when the directors brought together a number of lifestyle businesses a couple of years ago. Some of these businesses, specifically those that have been used to develop some of our software products, weren’t particularly successful and as a result we took what we thought was the more honourable decision to pay off its creditors by putting in place a CVA for Online Ventures Ltd, rather than entering into the easy solution of a liquidation. This process began in early 2013 and was formally put in place some three and a half months ago.
“We are pleased to say that our parent company, OVG Ltd, is continuing to go from strength to strength and we look forward to making many more positive announcements over the coming weeks, months and years. We will now be moving on to re-focus on the continued growth and expansion of our business.
Finally, we would like to offer our most sincere thanks to all of our friends and supporters who have unreservedly offered their kind words and support since this story was reported. We’re proud to have so many friends within this great city and your encouragement will not be forgotten.”
The Yates brothers also founded Just Search which they sold to the Swedish group Getupdated in 2008.
