Eventopedia, the UK cloud-based venue search platform, has entered into liquidation, with insolvency practitioners Purnells of Penryn, Cornwall, appointed to handle the winding up process.
The Republic Europe (formerly Seedrs) private investing platform’s Suhaylah Chatoo said the liquidation had come as a result of a reduced sales pipeline, inability to raise investment, cash flow issues and a founders dispute around a loan facility provided by Capital on Tap. Republic Europe said that, in accordance with its Valuation Policy, it had changed the state of the company to ‘winding up’ and have marked down the share price to £0.
The company has commenced a creditors voluntary liquidation (CVL) – a process likely to take 6-18 months to complete. Eventopedia (rebranded as Virtuall in 2021) directors included Toby Heelis (pictured) and Alan Newton.
Alan Newton speaking exclusively to CMW, said: “We experienced a tough market and delays in expected payments from some clients, which put added pressure on the business. I’m really proud of what our team achieved over 11 years, scaling to over £3m in sales revenue to secure a place in the prestigious Silicon Valley Comes to the UK (SVC2UK) ’50 Highest-Growth startups in the UK 2020.
Utimately, we never fully recovered from the pandemic, which created a zombie company that made it difficult to attract the new investment required to execute on essential product development. I’ve personally learned a lot and will be taking these learnings into my new startup, and utilising them when coaching and advising business owners.”
Toby Heelis added: “After 11 years and growing the business to a turnover of £1.5m in 2020, it is incredibly sad that we have not been able to rebuild the business following the pandemic that affected so many in our industry. I would like to thank all those that have helped on the journey.”
