Pollen startup event on the brink of collapse a few months after raising $150 million | Business newsletter

A taxpayer-backed events startup that sold travel experiences with Duran Duran and Justin Bieber is on the verge of collapse just months after raising $150 million in new funding.

Sky News has learned that Pollen, which has been trying to find a rescue deal for weeks, could fall into the hands of authorities as soon as Wednesday.

City sources say hopes of finding a buyer have dwindled in recent days.

Pollen, which is backed by the government’s Future Fund, was unable to pay staff as it approached the disaster.

Kroll, the restructuring firm, was arranged to monitor insolvency.

Sky News revealed last month that Pollen drafted at Goldman Sachs in an attempt to find a buyer.

Pollen’s backers include some of the biggest names in venture capital, such as hedge fund Northzone and Lansdowne Partners.

The company partners with music event organizers like Live Nation and Electric Zoo to create packages specifically for its customers.

It also works with high-end hotel operators, restaurants and nightclubs.

Founded in 2014 by brothers Callum and Liam Negus-Fancey, the company has confirmed that it is close to securing its future through a deal with an unnamed strategic investor.

The Daily Telegraph reported over the weekend that Pollen had been served a tortuous petition by a creditor, but quoted a spokesman as saying the debt had been settled.

Pollen did not return calls seeking comment, while Kroll declined to comment.