Wednesday, 5 October 2016

Earlybird asks investors to pay for its EIS submissions. No - you didnt misread that.


This is a script that David Croft would have loved. You can just imagine Battery Sergeant Major "Shut Up" Williams' expression as Private Pugh explains that although investors have lost all their money - in order to claim their 30% tax rebate they have to fork out more cash because Pugh hasnt yet put through the paperwork with HMRC (loud snorts stage left).

This is the guy that many people trusted with a lot of cash. And you have to ask why, for instance, the Crowdcube 2015 raise has still not managed to file its EIS paperwork? This was Crowdcube's job, so clearly their EIS department have joined forces with the due diligence crew and are both down the local.

It is quite simply - amazing.

The good news, if you can call it that, is that Crowdcube have agreed to pay for their EIS paperwork, so Pugh only needs investors to cough up for the other two outstanding applications. Salt and wounds. 

5 comments:

  1. More good news on their Facebook page....
    "At EarlyBird we have always been about making the good stuff easy, to keep you away from the bad. In order to make sure we are always delivering on this promise, we have decided it is time for us to go back to the drawing board and rejig what we offer. In order to do this, we unfortunately have to stop shipping boxes for a while which we are very sad about and we are sure you guys are too! We will keep you updated on our progress and let you know when we are back with even better things 💛 Thanks for ordering our boxes and coming on this journey with us so far - see you all soon!"
    Beware of a pheonix bearing teabags!

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  2. The saga continues... 5pm today

    "Hello XXXXXXX,

    You will have recently received an email from Oliver at EarlyBird regarding EIS tax relief certificates.

    Please firstly be assured that the cost to process EIS certificates for investors in the Crowdcube round has already been settled, and the £175 mentioned refers to rounds that have been completed independently of Crowdcube.

    Crowdcube were unaware that this communication would be going out to investors and appreciate it may have caused some concern and confusion. We have therefore nominated to pay the additional £175 required in order to get all EIS certificates, including those from outside funding rounds, to be processed. We will also be in direct communication with the company processing the EIS certificates to ensure the matter is handled in a timely fashion.

    If you have changed address since making your investment in EarlyBird, please email support@crowdcube.com so we can ensure your certificates are sent to the correct place.

    If you have any questions about this, please don't hesitate to contact us on the email above.

    Best wishes,
    Crowdcube"

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  3. EarlyBird lives on, as a tea subscription business earlybirdtea.com

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  4. another bad business move, will this kid ever learn. Tea subscription market is over saturated too and a bit of a pyjama idea to be honest. PG Tips will be quaking in their boots!

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  5. Have people received their EIS certs yet? I invested and have heard nothing so far.

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