Muckle LLP advises innovative penny auction company.
LEADING North East commercial law firm Muckle LLP has helped to set up and advised a UK penny auction company on a range of intellectual property issues.
Muckle LLP’s commercial team began working with new online bidding business www.jackinabid.com in March 2010, advising on its set-up, initial investment and equity structure financing arrangements, and also regulatory and intellectual property issues in relation to its business, generally.
Penny auctions are fast becoming a popular way to bid and win using live online trading. In this instance, bidding increases by just one penny, typically, and when time runs out, the person with the highest bid may bag a bargain at a fraction of the retail price.
The website www.jackinabid.com offers online penny auctions and entertainment shopping for electronics, mobiles, cash, luxury goods and holidays. It enables customers to bid pennies for brand new items such as iPads, iPhones, TVs, laptops, games consoles like Wii, Nintendo, PS3 and Xbox, alongside digital cameras, satellite navigation systems and gift vouchers. It is also the only penny action website which has an interactive league system, so its customers can take on their friends to win exclusive prizes.
Muckle LLP worked with the entrepreneurs behind www.jackinabid.com for four months before the website began trading on July 31, 2010. Muckle’s commercial team organised all jackinabid’s legal documentation with regards to initial and recent financing, as well as regulating the relationship between the different investors in relation to their respective funding contributions.
Peter Robinson, partner at Muckle LLP, said: “As well as preparing all of the legal documents to provide initial and secondary funding for the company, we also advised on all the regulatory and intellectual property issues in relation to the business.
“We ensured that the intellectual property portfolio of the business was identified, and that ownership was clarified and resolved, so that all the intellectual property of the business was, ultimately, owned by the company operating www.jackinabid.com
“The intellectual property included knowhow, copyright, trademarks, patents and designs, as well as the software, branding and text of www.jackinabid.com
“Our commercial team also assisted in discussions and consideration in relation to gambling issues associated with the website.”
Muckle LLP acts for various small businesses and helps them to develop and grow. The law firm also advises on intellectual property issues for diverse organisations, managing intellectual property portfolios for the likes of Vertu Motors plc and Zytronics Displays Limited. It advises clients on the best way of protecting and exploiting intellectual property.
:: For more information please contact Peter Robinson on 0191 211 7937 or visit www.muckle-llp.com