Monday, 11 June 2018

Stakis Daycare Nurseries - never opened and is now dissolved.


For all the use Stakis was  - it may as well have been a plant shop. Evros Stakis, the founder and son of the late Stakis empire builder Sir Reo Stakis, took £101,000 off Crowdcube investors in 2013 and spent it - but he never opened a single nursery.


This story is nothing unusual on Crowdcube - made up business with fictional plans and then a 3 year delay whilst it slowly dies. We will never know what happened to the money or indeed the idea if there ever was one. The plan was to open 80 nurseries. His other company Stirling UK Ltd has also closed.

This is what Evros said about the company's exit plans on the Crowdcube, FCA regulated, platform -

The Exit Strategy

In terms of exit, Investors should be encouraged to take a 3-year view given the Seed EIS cover, which they would forfeit if they exited within that period. Having said that, once it has built a story and track record, the Company intends to list within the next twelve months on the London-facing Danish exchange, GXG Markets. That, of course, does not preclude a trade sale in the interim to a recognised player in the childcare sector.



Yet another one to cross off my list.

3 comments:

  1. To my mind this one has a bigger stench about it than the dozens of ECf companies that use massively inflated forecasts and then underperform. At least those companies trade - they attempt to grow. On the face of it, and perhaps I'm missing something, to take in funds and fail to open a single nursery verges on the criminal and is an outrage that deserves some pretty close scrutiny from those that invested.

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    Replies
    1. Couldn't agree more. The investors need to take a closer look at the accounts, if any, and see where the money went. He needs to be held accountable.

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  2. Wild.

    CrowdCube is a terrible platform. I don’t understand why people keep on using it.

    Fool me once shame on you, fool me twice...

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