As yet another expensive flop on Crowdcube heads out of the door to oblivion, we ask if Crowdcube's 1 star rating on Trust Pilot is justified.
I Love Gorgeous raised £690k on Crowdcube in the Summer of 2016, so just over 2 years ago. Now it has been put into administration in an attempt to find a buyer. As with most administrations, it seems unlikely that Crowdcube investors will see their money again. The company has 3 outstanding charges with HSBC registered at CH. All are 4 years old and do not seem to be for large amounts.
The company had projected that in YE March 2019 it would be making a profit of £1.1m on a turnover of £4.8m. Well if you believed that you will believe anything but clearly investors did. As is alarmingly common on Crowdcube, the actual figures given to potential investors for years gone by bear little resemblance to figures filed at CH. The company was making profits before coming to Crowdcube to 'expand'. Exploded might be a better term.
Be it bad luck, unfortunate timing, Brexit, the easterly wind or simple crass management, the outcome is a familiar one. Another business failure promoted and facilitated by Crowdcube. HNY boys.