For those wondering why the bank pulled a further £1.5m debt facility on Sugru, with its resulting fire sale for 9p in the pound, here it is.
The company had this note on its Crowdcube 2017 raise - you had to download it to see it as it wasnt in the main text.
Clydesdale Loan The Company has a £3.5 million loan facility from Clydesdale Bank PLC (“Clydesdale”), of which £2 million was drawn down in November 2016. The agreement for this loan includes the following terms: A further £1.5 million may be drawn down from October 2017, provided the Company meets certain revenue targets.
Now the obvious problem with this is, the company assured investors that the sales figures were doable - but did they really know that they were not. The outcome has been so far off the mark that you do have to wonder. It would not be the first time a company has come back to Crowdcube and asked investors for more cash when they know it is the last throw of the dice.