It’s a sad day when any tech company goes into administration. It’s especially sad when one of Techcelerate Member Tech Companies is affected. But no one said the life of a tech entrepreneur is an easy one. They need to fight with many battles each day in order to achieve a significant outcome at the end. And for most tech entrepreneurs, it’s a journey. It’s not about one company, but a number of companies until you hit gold. Some never hit Gold. But that does not stop us trying.
Without further ado, yboo went into administration on 1st October 2019. yboo’s main shareholder and creditor issued a formal demand for repayment of its loan under the terms of the debenture. As yboo was unable to service it and could not renegotiate, Quantuma was called in as the administrator.
Every story has two sides. There are many lessons to learn from here. When the dust settles down, and with permission from the relevant parties, I hope we could share some of those lessons so that all of us can learn and reduce the mistakes we make.
In the meantime, our thoughts go to all those who are affected, including Martyn Gould, with whom we have the pleasure of working with.