The travel and technology company, Streetteam Software Limited, a VC-backed parent company, will this week call in Kroll to administer its restructuring.
Streetteam Software Ltd. owns technology and brands such as Pollen, IMS and its college travel business. The holding company sells its travel experiences through its subsidiary businesses, and they will continue to trade as normal. Bids have already been received for the customer-facing subsidiary companies, meaning customer experiences and refunds will not be affected.
The management team have been in ongoing negotiations with a potential buyer for the parent company but have been unable to agree to terms in an appropriate time frame, leaving the board and shareholders agreeing the best option is to restructure the business.
Despite strong growth since Streetteam Software Ltd.’s inception eight years ago, the knock-on effects of COVID-19 over the last two years, which decimated much of the travel sector, together with the tech stock crash and current consumer uncertainty in light of global economic conditions, put too much pressure on the business whilst at a critical stage of a scale-up’s maturity.
The management team are working hard to get the best outcome for all stakeholders, whilst working with shareholders to find affected employees alternative positions in their portfolio of companies.