On 3 May 2022, Matthew Kucianski and Matthew Jess of Worrells were appointed Voluntary Administrators of Send App Pty Ltd, which trades as SEND (www.sendapp.com.au/).
SEND is a delivery app business that emerged out of the COVID-19 pandemic in 2021. SEND is a business with over 46,000 registered users accessing its “groceries delivered to your door in under 10 minutes” app. Its network includes 13 sites including several dark grocery stores in and around central Sydney and Melbourne. SEND has an estimated 300 employees.
Matthew Kucianski said:
“Like many tech start-ups, SEND had a sizable cash burn that was being deployed to grow its market share. SEND has been successful in building a leading position in the grocery delivery space, however, as a start-up it requires ongoing financial support. SEND has faced some unique financing challenges given the composition of its international investors.”
The Worrells’ teams are now investigating SEND’s financial position and considering the options for the business going forward. The management team of SEND had been exploring options of a sale, merger or takeover in the lead up to the Voluntary Administration and these discussions will be continued by the Administrators.
Mr Kucianski is assuring impacted SEND staff that the Worrells teams will be in contact as a priority about their employment status and about the outstanding employee entitlements owed to them.
Under the Voluntary Administration process, a first meeting of creditors is held within eight business days of the appointment, and a second meeting of creditors is usually held within 20 to 30 business days, when the future of Send App Pty Ltd will be determined.
Worrells appreciates the impact the Voluntary Administration appointment will have on the SEND business, its users, suppliers, and staff. Creditors are invited to lodge a proof of debt via the Worrells website www.worrells.net.au.
Worrells has 32 offices and 25 principals, across Qld, NSW, ACT, Vic, and WA. Worrells has been providing solvency management, insolvency administration, and forensic investigation services for over 49 years.