Cashless payments systems business bought out of administration

Following the appointment of Begbies Traynor and Panos Eliades Callender & Co as joint administrators of Leedsheadquartered Tappit Technologies (UK) Ltd in January, a sale of the business and assets has been completed, saving all jobs in the UK.

Established in 2018 and operating in 20 countries, Tappit Technologies collates actionable consumer data insights through its white label cashless payment solutions to personalise fan experience and drive value for venue partners. Its interface enables clients to build their own data ecosystem, fully customised to their clients’ needs.

While undergoing a growth phase and anticipating further demand, the business had increased its overheads, however, it was subsequently impacted by a slowdown in growth related to COVID disruption to its events sector client base.

Begbies Traynor was appointed to carry out an accelerated M&A process to find a buyer for the business. This resulted in a pre-packaged sale to Tap Holdco Limited on 20th January, saving all jobs in the UK operation as well as retaining all US and Dubai staff through the sale of the company’s two subsidiaries as part of the sale (although these companies were not subject to insolvency proceedings).

Julian Pitts, regional managing partner at Begbies Traynor in Yorkshire, said: “Unfortunately, events-based businesses were amongst many severely impacted by two years of multiple lockdowns and COVID disruption. It is, therefore, very satisfying to complete the sale of such a dynamic business, enabling it to continue on its growth journey.