Imagination Technologies may need further cash from new owners


The move ignited a bitter dispute between the two, with the British company accusing the American giant of unethical behaviour and saying claims that it is capable of building its own systems from scratch were “unsubstantiated”.

Apple has also poached a string of Imagination Technologies staff, going as far as to set up its own office close to Imagination’s headquarters.

As a privately-held company Imagination is not required to update the market, but documents filed at Companies House said that a failure to receive payments from “significant customers” would mean it needs to “seek additional funding to continue to meet obligations as they fall due”.

It said that Canyon Bridge had promised that more funding would be made available if needed, but the disclosure shines a light on how the continuing dispute with Apple continues to drag on the business.

Last April, Imagination revealed that Apple planned to go it alone from late 2018, kicking off a spiral of events that led it to sell a number of businesses and then put itself up for sale. In May, it began a formal dispute procedure with Apple, which is understood to be continuing.

The matter may come to a head in September, when Apple is expected to unveil a new iPhone without using Imagination’s intellectual property, potentially cutting off royalty payments.

The iPhone maker has been known to take a hard line with suppliers, last year attempting to cut off royalty payments to chip company Qualcomm.

Since being taken private, Imagination’s chief financial officer Guy Millward has left the company and been replaced by Jonathan Lewis, a former Tesco strategy director. Apple and Imagination declined to comment.

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