Urban Founder Buys Back Business From Emoov

11th December, 14:40

Adam Male, who co-founded Urban in 2005, has completed the purchase of Urban from Emoov administrators, James Cowper Kreston today.

Emoov bought Urban in the summer at £3m, meaning Mr Male is almost sure to have made a handsome profit. He has not commented on how much he paid to reacquire the business, except that it was considerably less than his selling price.

Male, by reacquiring some of the liabilities of Emoov in terms of staff wages, likely got an even greater deal than one would anticipate.