Smartfundit.com Limited has gone into administration, with Peter
Wastell and Michael Young of Vantis appointed as joint
administrators.
Its parent company, Corporate Computer Lease Limited, has also
gone into administration.
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“The affairs, business and property of the company are being
managed by the administrators, who act as agents of the company,”
said a statement on Smartfundit.com’s website.
“The administrators are seeking to find buyers for the going
concerns of both of the companies, and are currently marketing the
businesses and assets for sale.”
Just last December, the company received a £3.5 million (€4
million) venture capital injection from Baytech Venture
Capital; intended to “accelerate the company’s global
expansion”.
In March, Justin Floyd, Smartfundit.com’s CEO, told Leasing Life
that the company was “aggressively” looking to make acquisitions,
and was in talks to secure another round of venture capital
funding.
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By GlobalDataSmartfundit.com’s latest accounts, for the year ending December
31 2008, showed that the company grew turnover to £4.4 million, up
83 percent on the previous year’s £2.4 million; but still sustained
a pre-tax loss of £349,878.
Suki Gallagher, who founded Smartfundit.com with business
partner Justin Floyd, resigned from the company in May.
An analysis of Smartfundit.com’s administration will appear
in the next issue of Leasing Life (July issue).
Jason T Hesse
