Tuesday, 3 May 2016

Waterbabies is finally laid to rest as the winner of Crowdcube's largest flop to date

Waterbabies The Musical easily surpasses Crowdcube's Rebus debacle 

Following the demise of Rebus recently, most papers reported that the loss to Crowdcube investors at around the £800k mark, was the largest loss in the short history of equity crowdfunding. As we pointed out at the time, this was incorrect.

Waterbabies raised £1m on Crowdcube, according to the platform. There has been some debate as to whether they did in fact raise all £1m, but Crowdcube claimed they did.

The liquidation has rumbled on but has now completed its final meeting and the company will be dissolved in two months time. Total debts £1.25m  Some way better than Rebus.

The only winner here has been the liquidator, emptying the bank account of the company's only asset, its £12,000 in cash.

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