Tuesday, 29 November 2016

Savvy Foods heads for liquidation and a quick rebirth - blink and miss it!


Savvy Foods raised £85k on Crowdcube in the Summer of 2015. Now they have liquidated.

All Crowdcube shareholders will either receive new shares in the new Co or be refunded, according to the company. 

Not really sure how any of that works as you are not supposed to put a company into liquidation with the stated intention of buying its assets and starting again, without any of your creditors. Otherwise everyone would do it! Investors also received SEIS, so what would happen to that?

Crowdcube funded companies probably have special dispensation from HMRC as they do seem to do this quite frequently. I think their Out to Lunch Department have a direct line to HMRC Insolvency Filings - must be red hot. 

Here's hoping they get a better result second time round. 

PS - the company are apparently looking for funding for the new venture (well the rebirth) so do get in touch if you want to throw more of your money away before Christmas. 

2 comments:

  1. Rob, if a company either makes false claims to encourage investment (e.g. on historical numbers) or hides significant costs, say, needed in generating the 'revenue'it declares- is there any comeback for investors who have been effectively had?

    Furthermore would you be going after the company that lied or the platform like, Crowdcube?

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    1. Contact me on rob@ecfsolutions.co.uk if you want to discuss

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