PEER-TO-peer social ticketing platform Vibe Tickets has been acquired from the administrator by founder Luke Massie.
The company acted as a marketplace for people to sell tickets if they can no longer attend an event and did not charge users fees or handle any money, with all payments made via PayPal.
THEVIBE Ltd, which traded as Vibe Tickets, went into administration on 30 April after being unable to raise further funding, according to early investor Vela Technologies, which held a 5.1 per cent stake in the business.
“It was not been possible for Vibe Tickets to reach agreement on the terms of a further fundraise with investors,” says Vela in a statement.
“The board of Vibe Tickets therefore had no alternative but to seek advice which required the directors to act in the interests of both creditors and shareholders [and go into administration].”
Original crowdfunding supporters who helped raise £600,000 for the company in 2016 and lost their investment, will be offered free shares in Vibe Group Holdings Limited (VGHL).
“I’m just reciprocating the support they’ve given to me because they deserve better than the situation they were left in,” says Massie. “They deserve to be looked after and to have their investment honoured.”
It is understood that Vela Technologies will invest a further £200,000 in the newly restructured Vibe Tickets, alongside £500,000 investment from tech entrepreneur Scott Fletcher.