A video platform launched out of Edinburgh in 2018 to "transform the sports broadcasting landscape" has gone into administration with most of its 42 staff made redundant.
Alistair McAlinden and Chris Pole of Interpath Advisory have today been appointed joint administrators of Recast Sports, an on-demand streaming platform that has partnered with a number of sports, media and entertainment companies such as Manchester City, FC Internazionale Milano, and leading automotive content creator Seen Through Glass to deliver non-subscription alternatives to watch official live and on-demand content.
READ MORE: Video sports platform unveiled by Edinburgh-based Recast
Led by chief executive and co-founder Andy Meikle, the company had been successful in completing a number of seed and Series A funding rounds which enabled it to grow and scale. But despite recently securing a further funding commitment from a major investor, delays and failure to provide the required funds left Recast facing significant cashflow challenges.
After assessing options that included the possibility of a sale of the business, the company was unable to find a solvent outcome and the directors decided to appoint administrators. The majority of Recast's 42 employees have been made redundant with a "small number" retained to assist in marketing the business and assets for sale.
“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," Mr McAlinden said. "Unfortunately, however, with the committed funding having not been received Recast was not able to continue operating.
READ MORE: Recast video platform by Sportlobster founder allows fans to support their sport directly
“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.”
Mr Meikle said the situation was "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," he added. "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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