Fri, 06 Sep 2013 | ADMINISTRATION
Moshen, the marketing and digital app agency that counts the Premier League and Facebook as clients, has entered administration.
Moshen’s investor Concha plc, led by former Leeds United chief executive Christopher Akers, has recently informed the stock exchange that administrators have assumed control of Moshen. Concha’s shares lost about a third of their value after Moshen’s move into administration was announced.
The chief executive of Lancashire-based Moshen had been suspended last month, with administrators on stand by following the discovery of “financial irregularities”.
The irregularities discovered by Concha last month point to a large gap in Moshen’s working capital. Concha had loaned £867,000 to Moshen, including £400,000 of equity and £467,000 as secured term loan.
The administrators have asserted that the security granted to Concha relating to a £300,000 term loan is unenforceable. In response Concha is taking legal advice to judge whether to challenge the administrators’ verdict and attempt to claw back some of its loaned cash.
The administrators are currently working to ascertain what value remains in the business.
Moshen creates, markets and distributes digital apps for mobile phones, the internet, Facebook and interactive TV in the games, sport and entertainment industries. High profile clients include Apple, Blackberry, Nokia, Breville and directflights.com. It also makes the Premier League’s Fantasy Football mobile app.
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