05 September, 2016
Forbes Solicitors is advising a Lancashire-based business praised by Sir Richard Branson with a crowdfunding pitch aimed at securing £600,000 of investment.
Ticket exchange platform Vibe Tickets is attempting to attract the funding through Crowdcube and has already raised more than £300,000.
Forbes Solicitors has assisted the company through the process, including amending the company constitutional documents, shareholders agreement and current investment and loan structure.
Earlier this year Vibe Tickets, based in Lancaster, was singled out by Sir Richard Branson for praise at the Virgin Media Business #VOOM finale, where it finished runner-up in the Start Up category.
Luke Massie, 23, founded the company three years ago to provide a solution to fans paying over the odds to touts or on the secondary ticket market.
The company allows users to sell unwanted tickets or purchase them from other fans.
It now has a thriving app and is valued at £6million.
Jenny Burke, a Solicitor with Forbes' Corporate & Restructuring team, based in Central Lancashire, said: "Vibe Tickets is a vibrant and growing business and it has been great to work with Luke and his team through this period of growth and also very interesting to see how they are tackling the issue of over-priced tickets."
Vibe Tickets plans to use the new investment to release a new version of its Android app, upgrade its website and help maintain growth.
Luke Massie said: "We're opening up Vibe Tickets for people to invest in our vision and share in our success. We are making 10 per cent of Vibe Tickets available through Crowdcube and are looking for fans, followers, friends and venture capitalists to invest anything from £10 towards our target of £600,000.
"The expert advice we have received from Forbes throughout has been invaluable and they have ensured that the whole process has run effectively and smoothly."