Mara Seaweed raised over £500k on Crowdcube in 2015. Late filed accounts for YE Dec16, show losses of the same. Of course projections showed a very different story.
We have written plenty about Mara - here. It was an odd Crowdcube campaign.
Mara Seaweed make a collection up market seaweed condiments. For some reason they got themselves a listing in Morrisons. Anyone who knows this supermarket knows they are not up market. That speaks volumes for the confused approach this business has developed.
Recently two directors resigned - one being the founder of the highly successful Rabbie's Tours. That also speaks volumes for the way the business is being managed.
Back to the figures and the company was late filing these last accounts. Projections used on the Crowdcube platform showed the company making around £200k of net profit for this period. In fact they made losses just short of £500k - accumulated losses now sit at £1.4m. Cash is tight and our judgement is that they needed to raise more capital in 2017 but havent.
In 2016 they had raised more equity capital (never mentioned on Crowdcube in 15). We would imagine sales have been disappointing, although they were never projected to be that exciting.
One can only hope that they have seen a better 2017 and have a solid plan for 2018, or else.