Tuesday 19 April 2016 1:10 pm

Last remains of failed unicorn Powa Techologies to be sold this week

Powa Technologies, one of the UK's first "unicorn" billion dollar startups, has found a buyer for the remaining part of its business after collapsing into administration earlier this year.

Administrator Deloitte has found an as yet unnamed buyer for PowaPOS, the last of its three businesses, and is expected to finalise a deal by the end of this week.

Backed with £143m of investment and with swanky offices at the top of the Heron Tower, the business failed to secure new funding at the start of the year, resulting in its collapse in February.

Read more: Death of a unicorn – Inside one of the biggest startup failures of all-time

Buyers for PowaTag and PowaWeb were found shortly after. A consortium of former director and Notion Capital partner Ben White along with main investor Wellington snapped up PowaTag in the form of £42.m debt release. Wellington is unlikely to recover the rest of its investment in the firm worth around £70m.

Meanwhile PowaWeb was bought by digital agency Greenlight for £200,000. 

Powa's revenues last year stood at £4.9m principally for the PowaWeb and PowaPOS combined, while PowaTag had yet to take off.

It's unclear how much administrators expect to achieve from the PowaPOS sale in terms of cost, however, creditors are not expected to see their cash returned, the administrators report revealed