A final picture of the Emoov’s financial position has been revealed by its administrator James Cowper Kreston which after two months of work has realised £465,777 to distribute to the company’s creditors.

The administrator’s report reveals that in total the company owed £15.6 million to its creditors including £645,000 to Google, £351,000 to HMRC, £750,000 to a Korean investment fund, £2.5 million to Northern & Shell, £12,564 to Rightmove, £37,600 to Viewber and £3,384 to Metropix.

Some 135 people and companies owned shares in Emoov Ltd including Channel 4 Ventures, Tepilo founder Sarah Beeny, Urban.co.uk founder Adam Male and TV’s Dragons’ Den star James Caan.

Active customers

Emoov also had 2,400 active customers when it went bust, most of whom had paid in advance to use Emoov.

Final details of the key asset sale completed by James Cowper Kreston include £45,000 for its database sold to estate agency Pattinson, £35,000 paid by the founders of Urban to buy back their website, and £232,500 for the Emoov name, website and technology platform. This has been bought by Mashroom Ltd.

The analysis of Emoov’s financial records by the administrators reveal a shocking picture of escalating losses. During the financial year ending April 2018 it made a loss of £10.5 million but lost a further £15 million during the next five months until going bust in early December.

The documents also reveal that in late November Emoov had found an unnamed ‘white knight’ investor prepared to help keep it trading but who withdrew after examining the firm’s accounts.