Buyers sought for music streaming app with over a million users
Buyers are being sought for new market entrant Bloom.fm, a mobile music streaming business based in London.
The innovative music streaming app entered the market last year and already has 1.2 million users, their initial success meant they had intended to launch an online version of the service later this year. Unfortunately following the unexpected withdrawal of funding from their investor TNT Media Investments, a Russian television company the firm has now entered administration on Friday 2nd May 2014.
Leading restructuring and insolvency specialists Moorfields Corporate Recovery are now looking to sell the business and inviting interested parties to contact them by Friday 9th May 2014.
Simon Thomas, joint administrator said “Bloom.fm has already proved that it has developed a service which can rival its competitors and secured 1.2 million users in just over a year. With its Bloom 20 service costing just £1 it provides a cost effective alternative to many of its rivals and opened the doors to a wider market. Whilst it has suffered a set –back following the withdrawal of funding I am confident that we can secure a buyer that can continue to grow the service.
We have already received a significant amount of interest in the business and hope to provide a further update next week.
Moorfields is one of the UK's leading independent firms of restructuring and insolvency specialists. Our highly skilled teams include restructuring professionals and licensed insolvency practitioners who provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situationsView all Our News