Quantuma LLP partners, Simon Bonney and Michael Kiely, have been appointed as Joint Administrators of YBOO Limited, the creator of a phone contract comparison app.
The business advisory firm was appointed Joint Administrators over the business following an unsatisfied demand for payment by the company’s Chargeholder.
Founded in 2017, YBOO uses its app to recommend phone contracts or SIM only plans based on usage, price and signal strength where customers live and work. The app has more than 40,000 downloads across both Android and iOS devices. Based in Huddersfield, the company employed 12 staff.
The firm’s CEO, Martyn Gould, appeared on the latest season of BBC2’s Dragon’s Den, pitching for £250,000 of funding in exchange for 2.5 per cent of the business.
Simon Bonney, Partner at Quantuma LLP, said: “I can confirm that myself and Michael Kiely have been appointed as Joint Administrators of YBOO Limited due to an unsatisfied demand for repayment from the company’s Chargeholder. We are currently taking steps to keep the company’s IP and software live in order to seek offers from interested parties.
“We are continuing to review the position to determine the best outcome for the company’s creditors. There is significant intellectual property available for sale and I would urge any parties interested in either the IP or the assets of the business to contact the Joint Administrators.”