Monday, 9 July 2018

Halal Dinning Club makes a mockery of Equity Crowdfunding and Crowdcube

Halal took £200k off Crowdcube investors in 2016 - 30% over its target. The pitch financials were complete nonsense with no balance in the balance sheet and figures randomly picked because they looked nice. How does that pass the Crowdcube Due Diligence test?

Now SHs have received a final plea for cash, which if it wasnt so sad for all involved, would be hilarious. Not once in 5 pages of incoherent ramblings, do they mention the delivery of the numbers they projected. Instead SHs are told that the CEO was invited to No.10 recently - maybe to be our new FS. 

Year to December 17 was projected to be one in profit. They made a large loss. So to claim that they have been on target and cannot quite understand why they cant raise another £250k is puzzling. It is just pathetic that this sort of total drivel gets funded. 

The outcome is that yet another very poor business idea, run by even poorer management, that has taken advantage of people's belief that Crowdcube do some basic due diligence, will go bust. A large part of this letter is about how to claim back your loss relief. Some SHs update.

No comments:

Post a Comment