Laundrapp goes into administration

Laundrapp, an on-demand laundry and dry cleaning service start-up founded in 2014,  by one of City of London’s most successful entrepreneurs,  collapsed into administration on Friday, wiping out all its investors, including Mr. Spencer. The founder of Interdealer broker  ICAP and substantial donor to the Tory party was the main investor in the laundry service since 2015. He had personally invested £2m via his private investment group IPGL.

The business was initially operated in London, Edinburgh, and Birmingham with over £15m pumped into the business but ran into cashflow difficulties and was forced into administration when investors declined to put more capital.

Others who lost their investments include Hambro Perks by Rupert Hambro, former chairman of merchant bank Hambros.

Alistair Massey, the joint administrator, said Laundrapp “ had run into financial difficulty in recent months and without further investment  would have been forced to cease trading.”