Streaming firm Recast fails as investor pulls out

Recast provided a free content service

Recast Sports, a Scottish streaming platform that worked with top football clubs, media and entertainment companies, has appointed administrators after promised new funding failed to materialise.

Headquartered in Edinburgh, Recast delivered non-subscription alternatives to watch official live and on-demand content.

Since it was set up in 2018 it has raised capital through a number of seed and Series A funding rounds which enabled it to scale.

However, a recently secured funding commitment from a major investor failed to emerge and left the company facing significant cashflow challenges.

After assessing their options, including the possibility of a sale, it became clear that no solvent outcome was available and the directors took the “difficult decision” to appoint administrators.

Alistair McAlinden and Chris Pole of Interpath Advisory have made the majority of the company’s 42 employees redundant with a small number retained to assist in marketing the business and assets for sale. 

Mr McAlinden, head of Interpath Advisory in Scotland, said: “Recast had enjoyed success with its offering, securing high profile names from across the sporting spectrum, including Manchester City and Inter Milan, as commercial partners.

“Unfortunately, however, with the committed funding having not been received Recast was not able to continue operating.

“As a matter of priority, we will be providing support to those employees who have been made redundant, including providing them with the information required to make claims from the Redundancy Payments Service.”

Andy Meikle, founder and CEO of Recast, said: “To suddenly find ourselves going into administration as a result of funding commitments not being fulfilled is devastating for everyone at Recast.

“While we’ve enjoyed many successes over the years, our recent traction particularly highlights how the sports and entertainment landscape so desperately needs an alternative content monetisation solution like Recast’s.

“It’s a sad day for all our shareholders, team members, partners, rights holders and fans, but I’m incredibly grateful to all of those who shared and supported our vision and journey.”

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