Hilco Streambank was appointed by Henry Shinners and Adam Stephens of Smith & Williamson LLP as the Joint Administrators of Loot Financial Services Limited (in Administration) to assist in the sale of the Company’s intellectual property assets.
Loot was a challenger retail banking application backed by RBS that had received circa £12m investment and had over circa 56k active users prior to administration. The Loot platform offered insights into a customer’s spending, providing personalised features such as setting daily and weekly budgets, real-time spending notifications, and analysis of transaction history. The platform included features such as Inbound FX Services, and #LootGoals, which allowed users to create a tailor-made saving goal with a name, image and date for easy identification by setting aside money from their current account and into a separate space.
Assets for sale included a software platform, brand, trademarks, customer database, domain names, website, a standalone blog and social media accounts. Hilco also assisted in the sale of physical assets.
Hilco Streambank developed a marketing programme designed for the sale of Loot’s intellectual property assets. We identified and highlighted value in the full range of assets, and developed marketing documentation to assist in our process. We issued this documentation to a bespoke database of buyers and listed the Loot opportunity on our website.
Further elements in our comprehensive sale and marketing exercise included the management of a data room, due diligence and the bidding process.
Following our sales process, using an innovative and rarely utilised non-exclusive-licensing and purchase structure Hilco successfully completed deals with multiple parties for rights to the brand and software. A six-figure return for the Joint Administrators was achieved.