FOUR BrickVest subsidiaries have gone into administration.
ReSolve announced on Monday that it has been appointed as administrator of BrickVest Ltd, BrickVest Technology Ltd, BrickVest Services Ltd and BrickVest Talents Ltd (together ‘BrickVest’).
However, the BrickVest website is still live and investors are still able to register on the platform. A BrickVest employee told Peer2Peer Finance News that the regulated holding company is still operational and generating revenues, but certain subsidiaries have now closed.
“BrickVest IM and BrickVest Markets are regulated by the Financial Conduct Authority and these entities are not in administration and are continuing to trade as usual which is why the website has allowed you to register as an investor,” a ReSolve spokesperson told Peer2Peer Finance News via email.
To date BrickVest has raised around £12m of capital in various funding rounds from 50 angels, three venture capital firms and two banks, ReSolve said.
Whilst its four fintech products are revenue generating, and approaching breakeven, BrickVest as a group requires further investment.
The administrators are currently seeking to establish interest in the purchase of the business and assets.
“Whilst we are disappointed to see such a leading fintech player in this situation we are determined to secure a sale of the business and its assets and deliver the best possible outcome for the creditors,” said Mark Supperstone, managing partner at ReSolve.
“We would encourage any interested parties to contact us as soon as possible.”
BrickVest was founded in 2014 and its regulated subsidiaries have connected investors with debt and equity property opportunities across Europe.
The firm has offices in London, Nice and Berlin, employing more than 20 people in total.