Vulpine has been purchased out of administration by Cotswold based Mango Bicycles. Mango, who had traded profitably since 2013, made a large loss of £280k in 2015/16 and were showing a negative balance sheet for YE March 2016.
Details of the transaction have not yet been made available. The administration is not even filed at CH as of today. It seems unlikely that the deal will leave any room for Crowdcube investors to see any money back. Hussey seems more concerned for the brand than the people who allowed him to play with it. We can only hope that for once the administrators do a thorough job and make some effort to protect the interests of the shareholders.
It's not really the Administrator's job to try to protect the interests of the shareholders - their duty is to protect the interest of the creditors.
ReplyDeleteYes we know that - but we feel in this instance the shareholders who came ECF are creditors when there has clearly been some dodgy dealing. Obviously not a legal point but an interesting one to discuss. Shareholders under ECF are being hung out to dry and administrators and liquidators are not using their powers to stop directors going out there and doing it all over again the next day. And they do as we have evidenced on the blog. Essentially as with the accounting systems, the old ways simply cannot adapt to ECF. Time for a change.
ReplyDeleteHere you go - same old Bullshit from NH
ReplyDeletehttp://road.cc/content/news/225867-vulpine-founder-nick-hussey-answers-our-questions-following-companys-insolvency