Monday, 1 August 2016

Classic Crowdcube botch up shows nothing has changed despite Lang's assurances


The Hebridean Food Co complete a successful campaign on Crowdcube using inaccurate financials.

I love the outer Hebrides - this picture showing the majestic Hecla is where I owned a cottage many moons
ago.

The Hebridean Food Co is raising money on Crowdcube and has past its target - which is an excellent achievement. They are now overfunding. We have no problem with that.

However if you read the forum, you find a question that asks if the financials to July 2016, which give a turnover figure of £150k, are accurate. So this is now an historic actual figure, although the back end of it was a projection when put together. You would think and indeed hope that this figure along with the other figures to July 2016 would be 100% accurate. Why wouldn't they be?

You would be wrong.

The question was answered very roundly by the company. There was a 20% shortfall in sales for the year. So why, you might ask, is this not shown in the financials? What chance is there that you would find this information in the forum - it should be updated via a simple post by the company and platform. In fact if the question had never been asked would the company and platform have just carried on regardless to raise their funds, take their commission all based on blatantly false figures. Yes, it's what they do.

It's yet more evidence that Crowdcube's claim to have corrected their past DD and financial shortfalls is just more of the same PRing.

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