Saturday, 7 November 2015
POD Point pitch not as it appears
Yet again we find that the Crowdcube DD dept has been having long lunches.
In the POD Point pitch, which is without doubt one of the more solid propositions that CC have posted recently, the founder of POD tells us about his past experience as a successful serial entrepreneur.
Apparently he founded and built up Ecurie25 and then sold it.
Well all we can say is that if you bother to check with CH, then this does not appear to be what happened. Its not straight forward so we wont bore you with all the minutia here but it seems that this company made a massive loss in the year he 'sold' it to the tune of £600k according to filed accounts. The company had made small profits prior to this for two years. He then resigned in March of 2009 and has had no 'success' since. What was left of the holding company went into administration and was bought out by one of the original directors in a phoenix. However this buyout seems to have failed with losses and its now overdue for accounts and its AR with a final Gazette due any minute.
However you look at this, this company was not a success under his management and has not been a success since he left.
All in all this is not even close to the description Mr Fairbairn is given in the Crowdcube pitch. That of course is not to say this latest effort wont be more successful but you are better forewarned.