Saturday, 17 February 2018

Brexit funder Peter Hargreaves buys 33% of Crowdcube funded Powered Now.



In a move that massively dilutes Crowdcube shareholders, Peter Hargreaves has invested £2m into the SME invoicing and on line form company, Powered Now. 


Powered now had raised £1.1m on Crowdcube in two tranches in 2014 and 2015. In order to achieve this Hargreaves' investment, the company altered existing shareholders pre-emption rights by special resolution. That's why the dilution took place. 

Whilst Hargreaves may be castigated for his £3.2m funding of the Leave campaign in order to help him avoid the new EU tax avoidance directives, his involvement in any start up must be a massive plus. Powered Now certainly needed that boost.

The company recently filed accounts for YE Jun17 showing a £500k loss against a projected £1m profit in the 2014 projections. Having completely missed those 14 projections, the 2015 version had a loss for the same year of £347k; so much closer to the mark.

The company gets rave reviews for its service and products and now it has a very serious backer, we'd expect it to make good progress. It is just a shame that pre emeption rights which were clearly sold to investors have been tampered with. Mind you the company did really need the cash.   


3 comments:

  1. We would ask anons to send in comments that add to the debate not stupid ones that merely irritate. We have had to delete a recent string where anon, who clearly had noidea about ecf or investing, just wanted an argument. This is a free service and that sort of puerile behaviour wastes a lot of time. We like arguments but they need a real topic - clues in the article above. If you dont have anyhting to add then please just move along.

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  2. What Nonsense! You just don't like being called out!.
    The facts are that you spend your entire life knocking fledgling business pitching on Crowdcube, not to mention the platform itself, then you recommend the company Appetise who are pitching on Crowdcube because they paid you a few quid! Because nobody is buying into your recommendation you now pull the blog! – you couldn't make it up.
    Frankly, any idiot can knock a small business, many will over estimate values, over estimate revenue expectations, under estimate the amount of capital they need blah blah. We don't need you to be Captain Obvious! – this isn't rocket science. Start ups are higher risk for a reason! You add zero value and should close this poisonous blog. Frankly,it's just a constant thread of hatred that you are king of!

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  3. I rest my case. The post on Appetise was pulling in too many rather unpleasant and pointless comments which we then have to deal with. If you do not like the blog best advice is do not read it. If you must read it, please dont make anymore silly comments as we will not post anymore of them - we know who you are.

    ReplyDelete