Thursday, 8 November 2018

Cgon lose all their founding directors and have just one new appointee at the helm

Cgon raised £157k in 2014 from Crowdcube investors. It makes and supplies a converter for car and lorry engines. Now all of its directors have left the bridge and a new one installed this year is the sole active name at CH. 

Founders do not normally leave a successful venture. Well not until they have cashed up. 

We have written about them before here

Accounts are due out next month; the last set left the company in deficit. Those slightly disappointing results showed a loss of £160k against a Crowdcube projection of a £14m profit. Still, as Crowdcube keep reminding us, you have to allow for variances in these projections. 

We may need a new definition for the term Entrepreneur. 

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