Press Release: Bloom.fm is up for sale

Administrators, Moorfields Corporate Recovery, looking for a buyer following surprise withdrawal of investment.

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Bloom.fm, the innovative mobile music service, may be forced to cease trading after the surprise withdrawal of its key investor. The London-based start-up is now up for sale, after being placed in administration. The process is being managed by Moorfields Corporate Recovery, who are marketing the business for sale. Interested parties have until 10am on Friday 9th May to submit their offers.

Oleg Fomenko, CEO and co-founder of Bloom.fm said: “We were starting to get some real momentum and this was totally unexpected. But I’m still very hopeful that Bloom.fm will live on – there’s been a lot of interest since we announced that our funding had been withdrawn. The company has a fantastic product, unique pricing, talented team and a great brand. There’s a great deal of value in this business for a wide range of buyers”.

Bloom.fm turned to Twitter to announce the sale after fans of the service started using the hashtag #saveBloomfm.

Simon Thomas, Administrator at Moorfields, commented: "Bloom.fm has had an incredible response from their users. Seeing how much they value the service, we are hopeful of finding a buyer who can take this business to the next level”.

Contact Arron Kendall akendall(at)moorfieldscr.com, Robert Mcilroy rmcilroy(at)moorfieldscr.com or call +44 20 7186 1144 for further information.

Key Facts

  • 1.2 million UK registered users
  • Unique £1, £5 and £10 subscriptions
  • 22 million track catalogue
  • Licensing deals in place with all the leading major and independent labels, aggregators and publishers
  • Rated 4.5/5 in the App Store. Award-winning design
  • Significant brand equity, loved by customers
  • Available on iOS and Android. Web player and Sonos ready to launch. Windows Phone in development
  • London based team of 27. All design and development done in house
  • Well positioned for distribution partnerships with telcos, ISPs and retailers
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