Cocoon raised £2.3m on Crowdcube, from over 1000 investors. Now the failed company, 'worth' £15m in 2017, is being given away leaving shareholders to rue their own poor judgement.
Shareholders might exclaim that the management at Cocoon were full of it. And they would be right. They might also question Crowdcube's part in this. But as usual the debacle that is now unfolding will benefit the purchasing company, some of the management, the sales team and no one else. Well apart from Crowdcube who have already made their commission.
In the usual pathetic suicide note, shareholders are told -
It is clear now, that the business required significantly more time and investment than that available to achieve success in this dynamic and competitive market.
Who knew that - it was clear back in 1890.
These guys were seasoned entrepreneurs (according to the glowing pitch on Crowdcube). So how does that make sense with this statement above, which could have been written by a year 4 student.
Not sure what the next stage is when you leave farce - but Crowdcube are now in it.