Tuesday, 13 June 2017

Beara Beara are back on Crowdcube.

Beara Beara raised £200k on Crowdcube in 2014. Since then they gone on to miss all of their targets - so standard fayre.  So lets start looking at this new raise with a blank page. 

Actually lets not do that - that's what they want. The original raise barely gets a mention in this new one and the old targets are not there for comparison. We can help you out with that  - see below.

We wrote about them before as their historic accounts in the pitch did not match the ones at CH. Here

CC pitch 1 revenues for 2016 were predicted to be £1,005,000. Actual revenues were £740k.
CC pitch 1 profits for 2016 were predicted to be £348k. Actual profits were £31k.

Promises that 2017 revenues are doing well and heading for £1.2m are only slightly dampened by the fact that the previous projections had them at over £2m with profits of over £1m.

Wouldnt it have been more honest just to give us these figures? Why hide them?

Also they had another £300k raise to go in 2016 which hasnt materialised - why?

They have chosen for whatever reason to file micro accounts - 2015 was a full BS filing. 

The current valuation has more than doubled to £3.4m and of course you will have forgotten that in raise one, they had to drop the value considerably to get over the line.

Nothing wrong with the product per se. 

You would have thought that on the back such very poor results recently, Crowdcube would have addressed these crucial issues - openness and honesty. Well it appears not.  

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