The founder of Powa Technologies Group – Dan Wagner (pictured) – was removed from its board soon after the company, which has a mobile payments business, went into administration, said the Financial Times.

Wagner’s departure was revealed by Companies House documents. The group went into administration last month.

Wagner and three other directors were forced to step down on 19 February, just two days after main investor Wellington Management put the company into administration.

Powa received more than $200 million in debt and equity funding since 2007 from investors including Wellington Management but failed to generate significant revenue.

Two of its units have been sold. One was PowaTag, an app which enables users to buy products by taking an image of an advert on their smartphones. The unit was sold to Ben White, a recently appointed director of Powa Technologies, for an undisclosed sum.

The other business to find a new home was PowaWeb, which runs e-commerce websites for businesses including Electrolux. It was sold for an undisclosed sum to Greenlight Digital, a UK marketing agency.