An AI-powered market research firm which has counted Unilever and Vodafone among its clients is on the brink of collapse.

Sky News understands that Streetbees, which was founded in 2015, has filed a notice of intention to appoint the professional services firm FRP Advisory as administrator.

Sources said that a buyer was being lined up to take control of the business in the coming days.

Streetbees’ impending collapse follows efforts to find a solvent buyer – in a process also run by FRP – over the last couple of months.

Staff are understood to have been briefed on the insolvency filing late last week.

Streetbees, which has also worked with Heineken, Ferrero and Avon, has raised tens of millions of pounds in funding from blue-chip backers.

It raised a $40m Series B funding round from investors including Lakestar, LocalGlobe and GMG Ventures – the early-stage investment arm of Guardian Media Group – in 2020.

GMG Ventures has since rebranded as Mercuri.

A spokesperson for Streetbees said: “Streetbees has engaged advisors to oversee a process aiming to secure investment or sell the business and its assets.

“We have filed a notice of intention to appoint administrators, as a protective measure, to provide the time necessary to progress discussions that are at an advanced stage.

“We will not comment further on any market speculation.”

Watchmaker Swatch has apologised and pulled ads featuring an Asian male model pulling the corners of his eyes backwards following accusations of racism.

Images for the Swatch Essentials collection were criticised for the “slanted eye” pose, especially in China, with many commentators saying they appeared to mimic racist taunts.

The Swiss company has apologised in both English and Chinese on the social media platforms Weibo and Instagram – saying it had “taken note of the recent concerns” and removed all related materials worldwide.

“We sincerely apologise for any distress or misunderstanding this may have caused,” it said.

Shares in the company fell by as much as 2.7% in early trading on Monday.

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It is the latest setback for the company, whose shares have dropped by more than half since early 2023 and now faces a 39% tariff on its exports to the US.

Swatch – which also makes Omega, Longines and Tissot watches – relied on China, Hong Kong and Macau for about 27% of its sales last year.

The company’s revenue fell 14.6% to 6.74 billion Swiss francs (£6.2bn) in 2024 after a drop in demand in China.

Swatch blamed this on “persistently difficult market conditions and weak demand for consumer goods overall”.

A company which makes miniaturised electric versions of classic cars has secured a rescue deal led by an American merchant banking group.

Sky News understands that the future of Hedley Studios – formerly known as The Little Car Company – has been salvaged through a pre-pack administration deal.

FRP Advisory is understood to have acted as administrator before selling the business to an entity controlled by Island Capital Group.

Hedley Studios was founded in 2018, when luxury car-maker Bugatti approached Ben Hedley to see if he could recreate a 1920s Type 35 racing car at half-scale to mark its 110th anniversary.

In a statement issued in response to an enquiry from Sky News, the company said it had built and delivered more than 500 vehicles to clients in more than 60 countries in the last 17 months.

Hedley Studios manufactures its cars at three-quarters the size of the original model, with the resulting vehicles typically costing £75,000 or more.

“We’re thrilled to welcome Island Capital Group as a strategic partner in the next phase of Hedley Studios’ growth,” Mr Hedley said.

“Its investment and belief in our vision mark a pivotal moment for the company as we accelerate our expansion and reach new global audiences.

Hedley Studios makes its cars in partnership with a range of luxury manufacturers, including Aston Martin, Bentley and Ferrari.

Andrew Farkas, founder, chairman and CEO of Island Capital, which initially backed Hedley Studios in 2023, said: “This latest investment is testament to the entrepreneurial spirit of Ben and his team in building a successful British luxury brand in a short period of time.

“Automotive enthusiasts globally are increasingly keen to honour these historic icons, bringing them to new audiences in a new, fully electric way.

“Our broader investment marks the beginning of a new chapter for Hedley Studios, reinforcing its position as a leader in the creation of luxury, driveable artworks, and Island Capital is excited to be part of that growth journey.”