Bust technology site finds buyer
Pioneering Blipfoto likely to be acquired by end of the week
Business services firm FRP Advisory, which was appointed as liquidator on Wednesday, should announce that the firm is to be acquired by a consortium of investors with close ties to the Polaroid brand.
Blipfoto, which allows users to document their lives in single photos, was co-founded by Joe Tree in 2004 and has half a million users per month in 175 countries. It garnered a loyal worldwide following but had been suffering from “funding issues” and laid off all of its 11 staff.
It recently rebranded as Polaroid Blipfoto after a deal with the US firm. Metis Partners, tasked with finding a buyer, has been trying to pull together a deal that will see it continue to operate and ensure those who subscribed to it do not lose their photos.
In a statement, Nat Baldwin, of Metis, said: “Blipfoto has benefited from remarkable brand affection. The preferred bidder views Blipfoto as a strategic opportunity and has expressed excitement about the prospects for growing the business and nurturing existing users.”
In a statement on Blipfoto’s website on Tuesday, Mr Tree said that following “events outside its control”, the Blipfoto board of directors had taken “the incredibly difficult decision” to put the company into liquidation.