Friday, 19 May 2017

Another sticky mess - Superjam in fruitless search for profit


Superjam  - no not some confused 70's tribute band - leaves investors cold with results many miles off target.


Superjam is the brainchild of one very famous young man, Fraser Doherty OBE or 'Jam Boy' . Unfortunately for Crowdcube investors, Fraser's charity work has not translated into a money making business. Well not yet anyway. 

Superjam raised £318k at the start of 2015 for his existing Jam business. He makes Jam. You get the idea. 

He doesnt sell that much Jam though - hence the small profit of £3,000 compared with the Crowdcube projected figure of almost £700,000. We thought he might have paid out massive dividends, but his corporate tax account suggests he just didnt make much. YE September 2017 has a profit tag of £1.3m. His claim that it's stocked in Waitrose seems to have passed its sellby date - the link on the company website doesnt work. The Waitrose site helpfully tells you that this product is unavailable. It's been like this for a while - at least 6 months. The link to the Ocado site doesn't work either and a search there for SJ, brings up Bonne Maman - which is not such a bright idea!

A little giveaway is the TM printed next to every Superjam logo. Surely he knows this is totally meaningless?

He is also heavily involved with Beer52, an Angels Den miscreant and failed Crowdcube pitcher. This is another online business building stability on sand with heavy use of the now infamous discount code to collect 'customers'. We wrote about them here. You can still get a 75% discount 3 years later. Losses are mounting.

All in all, exactly what you would expect. 

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