This company had already gone bust once in 2012. The founders assured investors that lessons had been learnt but in the short period since the Crowdcube raise was finalised in July 2014, they have managed to burn the cash and close. Of course they have managed to pay off an outstanding charge.
This is hot off the press at CH so we dont yet have the final picture but will post it as soon as.
Clearly these people should not have been allowed out with a business again and certainly not allowed to use Crowdcube or any ECf platform to rip off the public.
Unfortunately with lite touch regulation and the ECf's platforms very poor due diligence, this is will become the norm rather than the exception.
Crowdcube are shareholders and so will know about this collapse - how long before their Undertakers Dept have removed all traces, is anyone's guess. These are busy times for the box makers.
More to follow on this one.
Speaking of liquidations, Upper Street which raised funds on Seedrs in February and October 2015 is in liquidation. On another issue, BrewDog is seeking funds on Funded by me.
ReplyDeletecant find any record of Upper St being in liquidation?
ReplyDeleteFrom their Face Book page - https://www.facebook.com/UpperStreet/
ReplyDeletePippa Nicholas
December 1 at 2:03am
Looks very much like they have gone BROKE.. Just got a letter from an Accontant for the liquidation
Upper Street
Hi Pippa, thanks for getting in touch. The team at Upper Street have decided to pursue new endeavours, and as a result the business will be closing its doors. Upper Street customers are now being welcomed into the Shoes of Prey family. You can read more about it here: https://www.shoesofprey.com/articles/3179929246/upperstreet Do let me know if you have any further questions.
- Chloé, from Shoes of Prey x
Upper Street - Shoes of Prey
shoesofprey.com
December 1 at 8:54am
thanks Gordo - you are clearly ahead of the curve!
DeleteIs there any way of getting our money back? I received nothing, no communication at all and found out by chance.
ReplyDeleteSimple answer is no - caveat emptor will be Crowdcube's defence. Of all the ones that have gone bust this is the worst so far. Someone at Crowdcube should be out of work at least and the FCA needs to look at how it is possible for a company which had not yet paid the administrator for the previous pre packed deal could be taking the publics money for the new incarnation. Happy to publish any comments you may have about this case if you send them to us.
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