Jewel Street raised £190k on Crowdcube a while back. The projections used to sell this equity, showed them making over £4m net profit for YE March 2017.
It was always quite an ambitious number and you can forgive them for missing by a few million. Actually they made yet another loss - this time £400k. Accumulated losses of £1.3m leave the predicted cash position for March 2017 of just under £5m, looking a little unreliable. The BS is embarrassed.
To keep afloat they have raised another £200k, although this hardly seems likely to last for long.
The opening statement of the Cube pitch goes like this -
The three founders bring together over 75 years of jewellery, marketing and eCommerce technical experience from Saatchi & Saatchi, Disney, UBS and Nomura.
That is convincing stuff but anyone ask what they did at these companies - floor cleaning? They also stated that their 2013 Christmas sales were over 700% up. Did people bother to ask from what base?
Looks a like a new management team was required and is now in place - turn around time. Possibly a little late for the Cubists who will be diluted out of existence even if the company does cash in. All a little sad and not very Christmassy.