Wednesday, 11 April 2018

Where have Socapps and its app Browsa gone?


Crowdcube's detritus builds into ever larger piles, as yet another success looks like failure. 


UPDATE - We were contacted by Dorian Spackman. He claims that he was never part of Socapps but that his company CMI, was contracted by Socapps to develop the Browsa App. We dont know if this is correct but in the Crowdcube Pitch it states that Dorian Spackmann is The Technical Director of Socapps - this information would have been verified by the FCA regulated Crowdcube platform, under their FCA licence before being used to sell this company's equity to the public. So someone is misleading someone else.  

Socapps Ltd, with its app Browsa,  has been in CH limbo for two years, having failed to file accounts since 2015. The company's SM has had no activity on it for 3 years. It looks like a busted flush.

Or as we call them, a zombie - a business that someone keeps on preventing the system from closing down. Crowdcube have plenty of them currently on their books. Companies that raised funding, and then just evapourated into the ether. Zombies are right up there with failures in terms of numbers of successes Crowdcube had funded. 

The Browsa App now appears to be sold by Cornish Media Industries, a company with a large deficit on its most recent balance sheet. The main director of CMI, a Dorian Spackman, was also a main feature in Socapps' Crowdcube pitch and was a director of a now closed company called Browsa App Ltd. He isnt connected legally to Socapps. 

Now it turns out that the Stephen Rushworth, the man behind the Crowdcube Socapps campaign , is now the Conservative CC for St Issey and St Trudy -  a post he won in the local elections by a small margin from the LibDems last year. In his register of interests, he mentions Socapps, but it's misspelt; twice. A search under Socapes Ltd comes up blank at CH, which might be useful if you didnt wish people to see its filing history.

We tried to contact all the players in this but as usual we didnt get a response. Honest men dont hide.

All a little odd but that will not come as any help to Crowdcube investors who have yet again been sold a pup by the platform.     

6 comments:

  1. Probably a dodgy business that was never going to do anything.

    But slight issue with your "honest men don't hide" statement, not wanting to talk to people isn't a foolproof sign of dishonesty. Some people just prefer it that way.

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  2. Another failed business - Stockflare... I have just received the following email.
    Dear ...,
    In our January update, we indicated that we would close Stockflare if our sale-process failed. Unfortunately, neither of the two potential buyers made an offer and negotiations terminated in mid-March.

    As an alternative to liquidation, over the last four weeks we've contacted 27 brokerage, financial media and fintech firms, as well as our key partners, to see if any would be interested in acquiring Stockflare for a nominal sum plus some long-term upside.

    Seven firms indicated interest, four signed non-disclosure agreements and two asked for term-sheets. Yesterday, we signed one of the term-sheets, and we are now starting the legal documentation for the sale.

    The potential buyer is a UK-based payments company with a substantial cryptocurrency business. They completed an Initial Coin Offering last year, and their token is listed and trades.

    The terms of the deal include a nominal £100 payment plus 1% of their tokens, which at today's price have a value of circa £35,000. On completion you'll be able to hold, use or sell your tokens.

    I'll update you in the next ten days on how the sale is proceeding. Please note we'll need your signature on an acceptance letter.

    Separately, I've attached the latest management accounts, covering the three-month period to February 2018.

    If you'd like me to give you a call, please let me know.

    Many thanks,

    Shane

    Shane Leonard, CFA
    CEO @ Stockflare
    (m) +44 78 0154 9537

    ReplyDelete
  3. I suspect they's speak with you if you were a little less accusatory in your writings. You bandy around terms like "liar" and make yourself too high risk to speak to.

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    Replies
    1. We tried that and they didnt. So now we just blow the bloody doors off!

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  4. Stcokflare anon - you need to send me the original email otherwise i cant act. Redact your name. Tks

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    Replies
    1. Having spoken to the company, we are waiting for them to coem uop a some resolution - our interference at this stage would not help you or them. It will all come out but not quite yet. Thanks for info.

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