Monday, 8 October 2018

What has happened at Crowdcube's Ethos Global? We spoke to the good Doctor.

Dr Theo Koutrakides and his wife Jennifer Hersche set up a yoga studio in Cambridge. It took £800k off Crowdcube investors and was then put into liquidation by court order. At the same time the two directors opened up another yoga studio in London as Soma London England Ltd. 

We have written quite a bit about about this - here

The company was put into liquidation over 15 months ago, yet there is no further action filed at CH. What the liquidators are doing, apart from nothing, isnt clear. Meanwhile the two directors continue to trade in London from a venue originally paid for by Ethos Global and sold to Crowdcube investors as THE new opening.

We wrote to the good doctor as we had been approached by several shareholders. Eventually we got a response recently. He rang me from an airport.

The last comms that SHs had received from the good doctor, was a statement that all Crowdcube Ethos Global SHs would receive shares in the newco. That was 5 months ago and nothing has happened.

It is impossible at this stage to know exactly what is going on here. In a 20 minute phone call all the good doctor would tell me was that he was sorting things out - what they were was not explained. When asked simple direct questions, he was totally evasive. Then he had to board. Bye Bye.

We are none the wiser.

But he has promised to tell me the full story when he returns in a week or so. We will hold him to that. It should make for interesting reading either way. 

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