Joe GallopAdministrators for collapsed events and ticketing company Pollen have revealed that it owes more than £75m in debts to creditors.
Companies House filings found that Pollen, which is owned by Steetteam Software Limited, received a €2.5m (£2.1m) buyout offer on 9 August, one day before it went into administration. The offer was reportedly turned down by the company’s directors following discussions with secured creditor Global Growth Capital.
The Administrator, Kroll, said the group has been loss making since it commenced trading with reported losses before tax of £57.4m, £42.7m and £52.4m in 2021, 2020 and 2019 respectively.
The £75m debt that Pollen owes to creditors includes £18.6m owed to Global Growth Capital; £607,000 to preferential creditors, including employees’ claims of pay; and £59.4 million owed to unsecured creditors.
In April, Pollen raised $150m (£124m) in Series C funding. Its investors included Kindred, Northzone, Sienna Capital, Backed and Draper Spirit. The administration news followed staffing issues in May when 150 Pollen staff members were laid off.