When someone states its time to move on and that they are only now looking to the future, you can be pretty sure the thing they have left behind is not quite as they described. So it is with Vibe Tickets and Luke Massie's phoenix operation.
The administration of Massie's original ticket re sale company, TheVibe Ltd, is now underway.
It reveals two important points. The sole reason TheVibe was placed into administration by Massie was the debt owed to HMRC and the company's inability to pay it. A debt of £57,000 had accrued since December 2017 - so the report states. We revealed this in our last post. It shows very poor management. And kicks many of Luke's published excuses into the long grass.
The second and possibly more revealing point, is to do with the pre pack. Massie has always claimed he didnt plan any of this. According to the administrators, Massie made an immediate offer to them to purchase the assets of the company for £30k. Now the company had been advertised as being for sale but Massie's offer was the only one. This £30k was pushed up to £40k on negotiation. Then out of the blue the largest investor in Thevibe, put in an offer for £150k. Does that strike you as odd? £30k to £150k is not a normal auction jump. Then to add to this oddity, Massie immediately (2 days) put in another offer for £160k. This was from a guy who has claimed continuously that he had no money - which is why he couldnt invest in Thevibe. Out of the blue he shook the money tree and £160k fell into his pocket. So having tried to buy it for £30k, he ended up spending £160k.
£160k would have been enough to clear the old company's immediate debts and problems with HMRC but Massie has always claimed he tried to raise this but failed. Hmmmm. There is TRYING and there is trying.
Massie has also always claimed that he would be able to pay of creditors with the sale proceeds. Well that will not happen. Estimates are currently that trade creditors will see 78p - imagine what they would have seen if Massie had got away with his £30k offer - zero. Thank goodness someone had the sense to offer a sum that would clear most of the debts - and it wasnt Massie. Muck like his assertion that all Crowdcube shareholders have been satisfied, its another hollow one.