Property tycoon Nick Candy paid just £450,000 for the intellectual property assets of failed virtual reality business Blippar — a staggering sum for a start-up that once claimed to be worth more than $1bn (£760m).
Blippar was considered among Britain’s most promising tech businesses, but fell apart due to “overexpansion and competition in the industry” from Apple and Google, according to an administrator’s report filed at Companies House.
In the 12 months to September, the business lost £14.3m on sales of just £2.3m.
