KRE Corporate Recovery LLP, 1st Floor Hedrich House, 14-16 Cross Street, Reading, RG1 1SN has been engaged by a company which designs and manufactures consumer entertainment robotics with connected entertainment platforms to seek a buyer for the shares of the company. In the absence of a share sale a buyer for the business and assets through an Administration process is being sought.
An opportunity exists to acquire the shares or alternatively the business and assets of this UK based, innovative company creating robotics with a focus on entertaining, inspiring and educating. The robots they create can be operated through mobile apps with augmented reality gaming.
- Business commenced trading in 2013
- First funding round concluded in 2016 raising £1.5M and the second in 2017 raising £6.5M with the flagship product released to the market through Apple stores in the UK and US in November 2017.
- Recently reduced workforce of 17 people based in leasehold premises in the Bristol area.
- Sales in FY 19 split in US, UK, Rest of World as 60%, 20% and 20% respectively.
- Net Revenue in FY18 of £1,109m converted to GBP at the 31 May 2018 spot rate.
- Distribution rights in Europe, UK, Canada and the US through an intermediary to Apple with direct sales in Europe, the UK and US through Amazon and direct to market sales through own website.
- Significant opportunity for licensing technology to toy/entertainment companies and arcades to enter e-sports.
- Prior to cashflow pressures the Company was forecasting Net Revenue of c£14m (converted at $1.4 to the £) in FY20 with converted EBITDA of £4.3m
Interested parties should immediately sign the Non-Disclosure Agreement attached to receive further information. Expressions of interest for the business and assets are required by 5pm on 24 July 2019 with bids anticipated shortly thereafter. If you require any further information please contact David Taylor (email@example.com) or Chris Errington (firstname.lastname@example.org) or alternatively call us on 01189 47 90 90.
INTRODUCTION AND CONDITIONS
This summary has been prepared in connection with the proposed sale of 100% of the shares and or trade and
assets of the Company.
By accepting this summary the recipient agrees to keep permanently confidential all information that it contains. This summary may only be made available to those members of the recipient’s staff who require to be directly involved in the appraisal of the opportunity and the recipient’s bankers and professional advisors. It should not be made available to any other third party without the prior written approval of KRE Corporate
Recovery LLP (“KRE”). Furthermore, no contact should be made with the Company or any of its staff, customers, suppliers or shareholders without the express permission of KRE Corporate Recovery LLP.
The information in this summary, which does not purport to be comprehensive, has been completed from information provided to KRE Corporate Recovery LLP by the Company and has not been independently verified by KRE Corporate Recovery LLP. Intending purchasers should not rely on the information contained in this summary, and must satisfy themselves as to the accuracy of all such information. KRE Corporate Recovery LLP has been appointed by and is acting for the shareholders of the Company and, with the exception of any duties or liability which it may have under the Financial Services and Markets Act 2000, will not be responsible to any third party for the information contained in this memorandum.
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a) persons who are investment professionals falling within article 19(1) of the Financial and Markets Act 2000 (Financial Promotion) Order 2005 in the United Kingdom (the “order”); (b) high net worth individuals (who meet the criteria for such classification contained in article 48(2) of the Order, or companies or other bodies who are reasonably believed to fall within articles 48(2) and 49(2) respectively of the Order; or (c) other persons whom it may be otherwise lawfully communicated to (whether pursuant to the Order or otherwise). KRE Corporate Recovery LLP Limited will only engage with individuals or organisations who fall within the above description in connection with anything relating to this document and the information contained within. Any individual or organisation that does not fall within the categories of the above description should not under any circumstance rely or act upon this document or any information within this document. In the event, that an interested party is in any doubt about their classification in terms of the description above or about a proposed investment or acquisition. Such parties must consult with an “authorised person” for the purposes of FSMA.
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