Dominic Carosa, founder of Destra, is considering buying back his former company after it went into administration yesterday.
Dominic Carosa, founder of Destra, is considering buying back his former company after it went into administration yesterday.
He told SmartCompany this morning that he is putting together a team of investors and private equity to make a proposal. “I have contacted the receivers and is yet to receive information back,” he says.
Carosa says that while he feels for the staff still at Destra, he has moved on. “I haven’t been with the company for nine months. I have started Dominet Digital Corporation and have four investments.”
Carosa hit back at critics this morning saying that his strategy for Destra was sound. Prime in August released results of the strategic review which was critical of Destra’s stategy. “In December 2007 we had an EBITDA of between $5.5 million and $6 million,” he says. “That speaks for itself.”
He says he did not expand his digital media empire too quickly even though he acquired 13 separate companies in three years. “That was the nature of the market. Don’t forget; we were only three years into a five year road map. It was always the board’s view that we had to build critical mass,” he says.
Carosa also denied he took on too much debt. “We were geared inline with what the market expected at the time,” he says.
When asked what he would change second time around, he says he is adapting the same strategy with his new internet company.
“I wouldn’t change anything,” he says.
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