Wednesday, 16 December 2015

Soshi Games update

Soshi Games raised £285k on Syndicate Room in April 2014.

The company went into liquidation this October.

We commented before here about the SR's video they had asked the CEO to produce, which tried to explain the business' failure. It was a refreshing approach for an ECf platform to show some concern for its investors.

As part of this crowdfunding, as with all SR pitches, Soshi had a Lead investor - the Early Advantage Partnership, part of Midven.

So when the last AR was filed, it was strange to find that the Early Advantage shareholding was no longer listed. It had been in the previous years' ARs.

Shortly after this last AR, the company folded. In the liquidators initial report Midven is listed as a creditor owed £10k. When you consider that the company had raised £1.4m in capital, £10k is not taking much of lead. The report also shows that £85k of share capital remained unpaid.

We have asked both Syndicate Room and Midven if they can caste some light on what happened to this shareholding. And also to comment on the fact that whilst the Lead investor seems to have off loaded their holding in the company, the likes of Creative England have lost all of their £150k investment, along with a large number of creditors. Not forgetting of course all the crowd investors.

We havent had any answers yet. As SR pride themselves on their open approach we assume one will be coming shortly.

No comments:

Post a Comment