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MoveStreets goes into administration owing £3 million
https://www.whatjobs.com/news/united-kingdom/uk-business-news/movestreets-goes-into-administration-owing-3-million
By Nagasunder in UK Business News, posted April 25, 2023
PrettyLittleThing co-founder Adam Kamani's company MoveStreets has entered administration, owing around £3 million.
The MoveStreets app is a 'swipe right to like' app that connected consumers with homes to buy or rent.
In December 2021, the businessman announced a £5 million investment and chose Apadmi, a Manchester-based startup, as MoveStreets' development partner.
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However, Simmonds & Company has now been chosen to handle the liquidation process, according to a notification filed in The Gazette.
The notice also discloses it is a voluntary liquidation of creditors.
According to Companies House, MoveStreets' latest accounts were expected to have been filed by March 29 but were not.
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The business was set up in 2019 and is based in Little Peter Street, Manchester.
MoveStreets owes £2.8 million to its creditors, according to a statement of affairs document issued by the liquidators.
Mr. Kamani owed £1.2 million, while Makkma Investments, held by his father and Boohoo co-founder Mahmud Kamani, owed £1.5 million.
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A further £88,220 was owed to MAK Manchester, a firm whose two directors are Adam and Mahmud Kamani.
The company's website now displays an error notice, and the app does not appear to be available for download.
MoveStreets also teamed with a Nike-owned corporation in January 2022 to enter the metaverse.
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The company also collaborated with RTFKT Studios in the United States to develop its own NFT.
Mr. Kamani is also the CEO of the Kamani Property Group, as well as the son of Boohoo co-founder Mahmud Kamani.
Source: Business Live
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