Crowdcube's biggest disaster to date
Rumour is that The Solar Cloth Company, which raised £960k on Crowdcube in March 2015 has closed.
This is not public knowledge as its not yet up on the CH website but a little birdy told us a letter from the administrators had just arrived. Or was it a mole, sorry cant remember!
If true it will make the previous winner of the biggest disaster prize, Rebus, take second place.
We are waiting for Crowdcube to trot out their usual PRing. Surely at some stage they will have to take some responsibility for this carnage?
More to follow.
PS just called and spoke to Solar Cloth and yes they went into administration last week. They say the changes in government funding for renewables made it impossible to survive.
The founder had a bad reputation in the solar industry. He had previous bankruptcies - a demonstrable history of being an irresponsible business owner. Those that knew him, knew that he should never have been able to raise that money and that this outcome would be the likely result. Very frustrating for the good people in solar innovation and in crowdfunding as the whole industry will be tarnished by this failure.
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