Former boss launches legal action against struggling tech firm Ve Global
The former head of Ve Global has launched a legal claim against the embattled tech company over a missed payment.
David Marrinan-Hayes has lodged a winding-up petition against Ve Global over the company’s failure to pay a settlement linked to his departure in March, the Sunday Times reported.
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Creditors can lodge winding-up petitions against companies that owe them money, and the action can lead to the firm’s liquidation if debts are not settled.
The case is due to be heard by the High Court early next year. According to the Sunday Times, Ve Global intends to pay the outstanding sum ahead of the hearing.
Ve, which specialises in digital advertising and e-commerce, has been undergoing a turnaround after being bought out of administration by existing investors for £2m in 2017.
Founder David Brown left the company at the same time, having come under fire for extravagant spending.
The sale marked a dramatic reversal of fortunes for the company, which had previously been a tech unicorn — a billion-dollar startup — valued at £1.5bn.
Formerly known as Ve Interactive, the company had attracted investment from celebrities including Bananarama singer Siobhan Fahey and Elton John’s husband David Furnish.
Lingerie tycoon Baroness Michelle Mone and her partner Doug Barrowman stepped down from Ve’s board in July. The pair founded a cryptocurrency venture in 2018, alongside Apple co-founder Steve Wozniak.
Ve has slashed its workforce from 350 to 195 since March, when Marrinan-Hayes departed as chief executive after just one year at the helm and was replaced by chief operating officer Charles Delamin.
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Ve Global’s Companies House accounts are eight weeks overdue. The most recent accounts available for the company, covering the period of April to December 2017, note it is dependent on the financial support of shareholders to continue to pay its debts. The company has never turned a profit.
Ve Global and Marrinan-Hayes did not respond to requests for comment.