eBay design company Frooition have announced a management buy-out funded by CEO Phillip Molloy and Director Grenville Whelan, following the company's liquidation.

Frooition Limited went into administration on 7 January 2010 according to Companies House, the UK government agency which maintains records of all British companies. The insolvency practitioners were Vantis plc in Birmingham.

Phillip Molloy said "We are tremendously excited by the buy-out and the opportunities it will present for the business, our current and potential new clients, both domestically and internationally."

The Frooition website is now operated by Froo.com Limited, a previously dormant company.