Assets of defunct Adlux acquired by Excite Digital Media

Digital services company Excite Digital Media, which operates from the same Bondi Junction office as defunct search agency Adlux, acquired the assets of the collapsed company in June it has emerged, with creditors now being warned they are unlikely to receive much of the money they are owed.

The founder and chief executive of Excite Digital Media Evan Balafas told Mumbrella that he paid a “considerable” amount for the assets of the business, which was founded by George Papaioannou in 2009 and whose chief executive until June was Nicholas Stavropoulos.

The acquisition left the finan cial liabilities with Adlux. Adlux folded earlier this month owing around $3.6m to creditors, as well as undetermined amounts to the tax office.

Balafas said he also had held a minor stake in Adlux, while Papaioannou and Stavropoulos are understood to have a small holding in Excite Digital Media.