The company was placed into administration on January 20 and sold to Tap Holdco Limited on the same day.

Established in 2018, Tappit Technologies collates actionable consumer data insights through its white label cashless payment solutions to personalise fan experience and drive value for venue partners. Its interface enables clients to build their own data ecosystem, fully customised to their clients’ needs.

Operating in 20 countries, Tappit Technologies has significant penetration in the sports, leisure and entertainment markets. In addition to its UK base, it has subsidiaries in the US and the UAE.

Administrators said the firm had increased overheads as part of a growth strategy but was hit by the Covid pandemic affecting the events sector.

Julian Pitts and Jamie Taylor of Begbies Traynor and Jason Callender of Panos Eliades Callender & Co were appointed as joint administrators.

Begbies Traynor said the pre-packaged sale to Tap Holdco Limited has saved all jobs in the UK operation as well as retaining all US and Dubai staff through the sale of the company’s two subsidiaries as part of the sale. Those companies were not subject to insolvency proceedings.

Julian Pitts, regional managing partner at Begbies Traynor in Yorkshire, said: “Unfortunately, events-based businesses were amongst many severely impacted by two years of multiple lockdowns and Covid disruption. It is, therefore, very satisfying to complete the sale of such a dynamic business, enabling it to continue on its growth journey while also saving the jobs of its 35-strong team in the UK as well as those in its subsidiaries in the US and the UAE.”

The administrators were advised by HCR Sprecher Grier; and asset valuations were undertaken by Gordon Brothers and Metis Partners.

Pre-pack administration deal agreed for Leeds firm Tappit Technologies to save 35 jobs