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Wednesday, 7 November 2018

Teachy joins Crowdcube's A list of failures as familiar names reappear.

Teachy or Learn Lingos  has eventually been wound up by a compulsory strike off at CH. You might be forgiven for thinking that this class ended a while ago. Accounts due back in June remain unmarked. In 2015 this Crowdcube success raised £148k from 82 poorly informed 'investors'.

Crowdcube projections in 2015 for Teachy, had the company making a £3.4m net profit by the end of this year. Maybe that had a part to play in the sale of the equity? Just saying.  

Huge losses replaced projected profits and new money was unavailable. The usual Crowdcube storyline. Although in this case, it seems the management team have gone AWOL and left the Government to clear up the truancy issues and classroom mess. That wont look good on your term report guys.

One of the Directors, Simon Grice, can be found on a number of Crowdcube raises. He was behind Ineed, which used CC 4 times and is now closed and was a member of Rentify (well before their 2016 CC raise), which also used CC and is currently late filing accounts, according to CH. Another one of Grice's companies, Ideas.ORG Ltd, is listed as being in liquidation and appears to have outstanding creditors of over £370k. It will be useful when our new site, ECF.Buzz,  publishes a list of people who have used ECF to fund and what happened to them and their companies. 

Dont forget, punters, to empty your pockets on the 14 November when the new Crowdcube drive for £8.5m opens up. You will need to be quick. With results like this one who needs caution.

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