A US tech firm which was lent millions by Greater Manchester Combined Authority (GMCA) in return for the promise of 240 jobs and training for 100 young people has gone into creditors’ voluntary liquidation.
In March, the Manchester Evening News reported how EON Reality, a virtual reality-focused education provider which opened its European HQ in Newton Heath, had failed to pay back all of a £2.2 million loan made by Manchester City Council and hadn’t hit its targets for training.
The loan was due to be repayed in August 2018, but EON Reality failed to stick to the agreed repayment plan.
Now, a winding-up petition has been lodged by creditors and a liquidator appointed, shutting down EON’s European HQ and possibly leaving the local authority out of pocket to the tune of almost £3 million. London-based R2 Advisory Limited has been appointed as liquidator.
