StreetTeam Software Ltd

StreetTeam Software Ltd (the “Company“), the parent company of the former high-flying events startup company Pollen, entered administration on 16 August.

Founded in 2015, the company specialised in the planning of music events, festivals and holidays but was never profitable, with losses well over £40m in each of the last few years. The company was always able to raise fresh capital to cover its losses though. Even as late as April 2022 the company announced a new $150 Million Series C Funding.

Despite this, the company found itself nearly out of cash in mid 2022 and the company engaged Goldman Sachs to run sales process with a view to a solvent sale. By August 2022, the directors had only received one indicative offer: $2.5 million for some of the assets on an insolvent basis. Given the extent of debt and previous marketing sales guidelines in the Goldman Sachs process, it was determined that a prepack sale at this price would not be appropriate and a wider marketing process in administration should be conducted.

Matthew Ingram and Philip Dakin of Kroll were appointed as the Joint Administrators on 16 August.

New efforts were made to find a buyer, but only the original buyer was interested. It has now offered $250,000 for the assets of the Company. The terms of the offer have not been finalised, but the Joint Administrators have confirmed that they hope to complete the transaction imminently.

Unsecured creditors are owed over £59 million and are not expected to receive any recoveries.

Solicitors from Gateley are assisting the Joint Administrators.

The Joint Administrators’ Proposals can be found HERE.