Channel bosses make bet on ticket exchange website

ANS and Elite Telecom founders are bankrolling website that lets people sell spare tickets

Two reseller bosses have between them ploughed nearly half a million pounds into a website for buying and selling tickets.

Scott Fletcher (pictured), founder of ANS Group, this week invested £260,000 in Vibe, a website designed for people to sell spare tickets to events at face value, as part of a crowdfunding campaign.

He joins current investor Matt Newing, founder and CEO of Elite Telecom, who was Vibe's first investor and has paid in £200,000 to date.

Founded in 2013 by 23-year-old Luke Massie, Lancashire-based Vibe recently launched a crowdfunding campaign for £600,000. In its first 24 hours the campaign raised £310,000. The campaign has been running for nine days and the current total raised is £322,380.

Vibe's raison d'etre is to "solve the problem of tickets being sold at large mark-ups on the secondary ticket market, while also helping our fans to meet likeminded friends at their favourite events".

In a statement on its website, Vibe said: "We are extremely happy to welcome Scott onboard! Scott has a wealth of experience shaping technology companies and helping them grow, from start-ups all the way through to public listed companies. The company he founded at just 22, ANS Group, now has an annual turnover of over £50m - impressive!"