We will never really know what happened with Thevibe when it went into administration and was then quickly bought out by its founder Luke Massie. But at least now we have another side of the story.
An interview with Newing, who lost £600,000 when Thevibe closed, published in Business Cloud here makes for interesting reading.
The total loss from Thevibe is yet to be known but one thing is for sure - there are some 'facts' out there that do not quite add up.
For example, Luke Massie had enough money to buy the company out of administration and put it into his conveniently, newly formed Vibe Tickets Ltd, but he didnt have enough to rescue Thevibe. Yet the two amounts seem to us to be almost the same; especially as Newing had pledged another £75k. Newing claims all the talk about Massie being backed into a corner by legals is just a red herring. We have already said we think this too. Yet two of the three main backers of Massie, in fact all but Newing, have decided to fund him again. So how does that square?
Recent press does Massie few favours when it comes to taking him seriously
Massie says he has moved on. Which is fine so long as he hasnt forgotten his promise.
Whatever the truth, Massie has now stated through this blog that he will give all Crowdcube investors shares foc, in Vibe Tickets, equivalent to the £600,000 worth of shares they held in Thevibe. Now this hasnt happened yet but he had better follow through on it if he wants to maintain any credibility, anywhere.