THE administrator of online auction house Auctionata has reached a deal to sell the assets of the company’s UK branch – primarily the online valuation service ValueMyStuff – for £120,000. The parent company is closing down after an attempt to find new investment failed to materialise.
Auctionata announced in a statement last week that “sufficient funds for maintaining the going concern could not be found”. Insolvency proceedings began in January and the German-based parent company had already separated from its subsidiary firms, Paddle8 in the US and Value- MyStuff in the UK, which it says have both been sold and “will continue to operate”.
In a ‘statement of proposal’, the London-based administrator ReSolve Partners said that the firm’s UK operation, Paddle8 Auctionata Limited, had been struggling to meet its costs since incurring a financial loss from organising an event known as ‘London Week’ in the autumn of 2016.
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