Scotland business

Photo-sharing firm Blipfoto assets sale 'to be completed this week'

Polaroid Blipfoto website Image copyright Polaroid Blipfoto
Image caption Liquidators said the Blipfoto website would continue to operate for the moment

A group of investors from the Polaroid group has been named as the preferred bidder for Edinburgh-based online photo-sharing site Blipfoto.

The firm went into liquidation last week but it was hoped that the sale of the assets would be completed by the end of this week.

FRP Advisory were appointed as liquidators on 11 March.

They said that a sale of the assets would protect subscribers and ensure continuity of the service.

Eleven staff were laid off at the company before FRP was called in.

Blipfoto is a website where users document their lives daily with a single photo and some text.

It was founded in 2004 by Joe Tree and now reaches half a million people every month, in 175 countries.

In January, it entered a partnership with Polaroid. The website was then relaunched as Polaroid Blipfoto.

Nat Baldwin of Metis Partners, which was appointed by the liquidators to handle the sale, said in a statement: "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."

A group of investors behind several of the Polaroid brand properties including Jeffrey B. Hecktman - CEO of Hilco Global - and Bobby Sager - partner and a director at Gordon Brothers - has been named as the preferred bidder.

Mr. Hecktman said: "The Blipfoto brand has created a genuine global community with users in over 175 countries who share the most important moments of their lives on a daily basis.

"By leveraging this type of powerful social media tool with the direction and great success we are having with the Polaroid brand as a whole and our new retail concept called Polaroid Fotobar, we believe this is as a fantastic addition to our current growth platform."

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