We agreed not to disclose the name of this company, as they are trying to complete a deal that will mean they dont have to liquidate. But it is a busted flush in terms of the business and its 200 plus Crowdcube shareholders.
The CEO of XX has promised to give us the details of how the company came to this situation, in a month or so. He said he would also reveal his feelings about Crowdcube. That should all make for interesting reading. It is at least some progress to see a CEO who has used Crowdcube, try to clear up the mess rather than phoenixing or just disappearing as most of them do.
This company had some substantial Government backing, something that may well have swayed Crowdcube investors. You know how it works - oh look such and such which has a board crammed full of experienced business leaders has backed this venture, so better come on board. Only 2 years later and bang - its all gone tits up. All the investment burnt.
Just in case you are wondering, the 'sale' in progress is more of a handover with next to zero return for anyone.
We'll let you know.
Thanks to the tip off from anon.