Just Park has had £6.2m invested via Crowdcube over two rounds. The company's original projections were a joke, as were their second round ones. They lost over £1m in the 9 months to Mar18, meaning their losses are rocketing again.
They have enough cash to last till March 19, at this rate.
Whilst the accounts appear stable, a figure in the creditors account (current) listed as 'other' for £1.4m would worry me.
Good news is reviews have improved.
How much more money people are going to throw at this company will be interesting to see. Clearly the total invested so far of £6.9m is not enough. Just shows how naive they and Crowdcube were when they set out on this journey.
As we said consistently, a major flaw in the model is that the company has little control over the end service offered to their clients - the parking spaces are controlled by their owners not Just Park. Unhappy clients do not tend to make for a successful business.
We will see.
However, the space providers should want to make their spaces attractive and so interests are aligned. Presumably JP can monitor suppliers via its feedback system and so boot out any miscreants
ReplyDeleteJustPark is growing by signing up council's and commercial operators e.g. Hotels, Local Councils. It has, at least, worked that bit out. It is hard slog, in a very dull, 'bricks and mortar' business kind of way.
ReplyDeleteAt the end of 2015 they had 6000 Twitter followers. Today they have 7000 twitter followers. Yet, in this same time they have doubled their user base (they say) by adding a million Justpark users to the business.