Tappit Technologies (UK) Ltd – administration

Tappit Technologies (UK) Ltd, a Leeds-headquartered cashless payment systems business which operates in 20 countries, entered administration on 20 January. The business had increased its overheads while undergoing a growth phase, but was subsequently impacted by a slowdown to its events sector client base as a result of the pandemic. Immediately following their appointment, Joint Administrators Julian Pitts and Jamie Taylor of Begbies Traynor and Jason Callender of Panos Eliades Callender & Co completed a pre-packaged sale to Tap Holdco Ltd, saving all jobs in the UK as well as retaining all US and Dubai staff through the sale of the company’s two subsidiaries. The administrators were advised by HCR Sprecher Grier, and asset valuations were undertaken by Gordon Brothers and Metis Partners. Si Capital Limited has two registered charges against the company, and Red Mango Enterprises Limited has one.