Jobs saved as cashless payments business is bought out of administration
A buyer has been found for Leeds-headquartered Tappit Technologies (UK) Ltd which had been hard hit by the pandemic’s effects on the events industry.
Following the appointment of Julian Pitts and Jamie Taylor of Begbies Traynor and Jason Callender of Panos Eliades Callender & Co as joint administrators of Tappit Technologies on 20 January 2023, a sale of the business and assets has been completed, saving all jobs in the UK.
Established in 2018, Tappit Technologies collates actionable consumer data insights through its white label cashless payment solutions to personalise fan experience and drive value for venue partners.
Its interface enables clients to build their own data ecosystem, fully customised to their clients’ needs.
Operating in 20 countries, Tappit Technologies has significant penetration in the sports, leisure and entertainment markets. In addition to its UK base, it has subsidiaries in the US and the UAE.
While undergoing growth and anticipating further demand, the business had increased its overheads. However, it was subsequently impacted by a slowdown in growth thanks to COVID disruption to its events sector client base.
Begbies Traynor was appointed to carry out an accelerated M&A process to find a buyer for the business.
This resulted in a pre-packaged sale to Tap Holdco Limited on 20th January, saving all jobs in the UK operation as well as retaining all US and Dubai staff through the sale of the company’s two subsidiaries as part of the sale – although these companies were not subject to insolvency proceedings.
Pitts, regional managing partner at Begbies Traynor in Yorkshire, said: “Unfortunately, events-based businesses were amongst many severely impacted by two years of multiple lockdowns and COVID disruption.
“It is, therefore, very satisfying to complete the sale of such a dynamic business, enabling it to continue on its growth journey while also saving the jobs of its 35-strong team in the UK as well as those in its subsidiaries in the US and the UAE.”
The administrators were advised by HCR Sprecher Grier; and asset valuations were undertaken by Gordon Brothers and Metis Partners.