He has a point.
Dine In Ltd raised just over £300k on Crowdube in January 2014. According to Crowdcube's own list of funded companies.
18 months later the company was toast - liquidated. Nothing unusual there you might think - most Crowdcube funded pitches end this way.
But this one is slightly different. In the Statement of Affairs filed almost a year ago to the day, there is no reference to any shareholder capital. Nothing, zilch - the £300k is just not there. The full list of shareholders is there with their shareholding but the 'total amount called up' column is like the Pearl Harbour sky on 7th December 1941 - full of zeros.
Are any of the the 90 shareholders that Crowdcube still claim put in £300k, out there? Would you let us know what this is all about?
Either the Statement of Affairs is wrong, which if this is the case and the founder signed it, which he did, he will be in breach of pretty well everything. Or the money was never actually collected (possibly as in the case of 88 Delicious) and Crowdcube have failed to correct their records and have a whopper on their FCA regulated site. Neither or both would be a surprise.
The last set of accounts filed, before the Crowdcube raise, show over £60k in shareholder funds already in the company. Yet in the Crowdcube pitch financials, this figure is zero. We have no idea what happened to this. In an article which seems to compare the CEO Graj to the boys behind Deliveroo here , written post collapse and post Crowdcube raise, the story is a sad tale of missed opportunities. Graj is now working for Uber in Singapore. The liquidation has not moved on in 12 months. This smells like another Crowdcube mess to us.
It does fill you with confidence in the systems we and HMRC operate under.
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