WILEYFOX HAS CONFIRMED reports that the company has entered administration, just three years after making its debut.
Michael Coombes, CEO of Wileyfox, confirmed on Wednesday the firm’s European arm called in the administrators.
“The purpose of the administration is to restructure the Wileyfox Group, reduce its cost base in Europe and to ensure its long-term future across all the markets it operates in,” Coombes said in an email sent to CNET.
Six staffers will remain at the company to help the administrators assess whether the business can remain viable, while 20 others have been made redundant.
“We are looking at prospective interested parties to buy the goodwill and IPR associated with the business to take forward the operations in Europe,” Andronikou said.
Coombes’ confirmation comes after a community manager at Wileyfox took to Reddit earlier this week to announce the news.
“Wileyfox Europe Limited is in Administration. Andrew Andronikou and Andrew Hosking are appointed joint administrators and act jointly and severely without personal liability,” the community manager, named ‘Wileyfox-Jack’, said.
Andronikou and Hosking, who work for business advisory firm Quantuma, have since confirmed that Wileyfox has called them in. They say that Wileyfox hit major funding issues when its Russian backer was restricted from lending money abroad by the Central Bank of Russia.
No further details have yet been made public, but so-called ‘Wileyfox-Jack’ said in his Reddit that those with a Wileyfox smartphone unlikely will receive any future OS updates “unless something drastically changes”.
Wileyfox, for those unaware (and there’re probably a few), first entered the smartphone scene in 2015 with the release of the budget Storm and Swift mobes, which shipped running the now-defunct Cyanogen OS.
The company decided to create its own ROM following the collapse of Cyanogen, and most recently launched the Wileyfox Add-X range, discounted mobes with lock screen adverts.
Oddly enough, Wileyfox’s Add-X range is currently listed as Amazon’s ‘Innovation of the Month’. This not only coincides with the news that the Wileyfox has entered administration, but also with an announcement from Amazon that it’s binning lock screen adverts on its Prime Exclusive mobes. µ
Source : Inquirer