Former UK tech unicorn VE Global has continued to burn through millions of pounds and axed staff in an effort to shore up its finances.

Losses at the digital advertising company, which collapsed into administration in 2017 before being rescued三级成人视频, more than doubled to £16.5m, according to its latest set of accounts.

The numbers only account for the year to December 2018, but the hefty loss was followed by a headcount reduction of 51pc down from around 300. 

三级成人视频“Overall employee numbers have reduced 51pc from February 2019 to July 2019,” the company reported, adding numbers were expected to further fall by the close of 2019. 

In a turbulent year, VE replaced its chief executive David Marrinan-Hayes and saw board members and financial backers, lingerie entrepreneur Baroness Michelle Mone and fiancé Doug Barrowman, part ways with the company.

Baroness Mone and Mr Barrowman in 2018 also launched a cryptocurrency start-up Equi, with the backing of Apple co-founder Steve Wozniak. This has since been rebranded as Equi Capital Partners. Its website has said “further details coming soon” since September.

Revenues at the advertising technology firm increased from £19.6m to £24m. However, losses grew from £8m to £16.5m, according to its accounts. VE Global did not respond to requests for comment.

三级成人视频Founded in 2009, VE was one of the UK’s early technology “unicorns”, a start-up valued at more than $1bn (£800m), on Silicon Roundabout in Shoreditch. The company develops digital advertising and analytics technology.

But it fell into administration in 2017 and was later bought out for £2m. It collapsed owing £77m to creditors.

Since being rescued VE slowly recovered, but has since retrenched its position. Last year, Mr Marrinan-Hayes was replaced by new boss Charles Delamain, its third chief executive in three years.