Wed, 03 Aug 2016 | ADMINISTRATION
A company that helps student accommodation sharers stay organised with the household bills, called Split The Bills, has been purchased out of administration, Insider Media has reported.
Paul Whitwam and David Willis from BWC Business Solutions were brought in to manage the administration proceedings and asset sale for the company last week. The assets of Split The Bills Ltd were bought by STB 2016 Ltd, a newly created business set up by Ashley Tate, the entrepreneur owner of Split The Bills. Fifty-two staff were transferred to the new company.
The company had been placed under pressure by one of its suppliers, and while Mr Tate strived to avoid engaging in the administration process, he eventually opted for it as the best way to preserve jobs and the value of the business.
He said: “We tried to negotiate but we were ultimately backed into a corner by a business with very deep pockets.”
Under its new formation, the business intends to hire 10 more staff in the coming six months, and boost its technology, while its finances will also receive a lift, with deals underway to bring in more funds in the next month.
Ashley Tate, 27, who won an accolade for Young Entrepreneur of the Week by Huffington Post in March 2014, set up the business in 2011 in Sheffield. It manages and pays household bills — water, electric, gas and TV licence — for an initial fee and weekly charge. The service enables students to see what they are paying on a monthly basis.
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