Luxtripper took £750k off Crowdcube investors in 2015. It has made consistent losses since then and despite claims to have access to new funds in 2017, which never arrived, is now in deficit for £300k, according to accounts filed to YE March 18.
This is one we predicted. See here . Now the money has run out. The loss for the year was lower than normal at only £300k, but it pushed the company into the red and the promise of new investments made in the previous accounts has not been kept. Their PR tends to be just that.
Going Concern explanations in the accounts make little sense, as they did the previous year. Yet more funding is mentioned and it should meet the previous funding from 2016, which is still on the same road. Turnover was just over £1m; on Crowdcube it is down as over £30m. The £1.2m reported revenue is 100% up on last year - so that might help explain some of the issues. That would put last years revenue below the historic figure used on Crowdcube for 2014 and 2015.
Their website has a plethora of recent reviews all saying how brilliant they are. Well that is great but for investors they have missed their projected £4m profit for another year.
What of Brexit - no mention.
Has the tarmac finally run out?
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