👉 Background: Providoor launched during peak COVID lockdowns when we were all trying to fill our time with something a little different. It was a delivery service of high-end restaurants' food.

👉 What happened: In April this year, Providoor collapsed like a poorly made souffle. But now, it's been revived in a new form. Providoor 2.0 has signed up well-known chefs to create unique dishes, which will be prepared in Providoor's own kitchens.

👉 What else: It's believed that the new owner has acquired the business name, trademarks, customer database, and software code for just $250,000.

What's the key learning?

💡Acquiring a collapsed company is a shortcut to breaking into a new market. Rather than building everything from scratch, an acquisition saves time, resources, and even costs.

💡The new owners of Providoor can leverage Providoor's brand equity as well as its large customer database.

💡Reviving a recognisable brand by acquiring the 'good parts' of the business is very common:

• In 2019, department store Harris Scarfe was purchased by Spotlight Retail Group after filing for receivership.
  
• Last year, online furniture retailer Brosa was purchased by Kogan after it went into voluntary administration.
• This year, Jenny Craig's online business was purchased by health-tech company Eucalyptus after filing for receivership.

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