Reasons given for this failure included the fact that the product Fantoo were selling was never completed. Bridging that gap!
Jordan Fantoo, the founder talked a great game. We had this down as a very long shot - we simply didnt believe him. He was how do you say....full of it. Like this from 2014 Start Ups -
Despite some interest from Dell in 2016 - possibly exaggerated - new funding could not be found. The admin boys are apparently talking to a buyer. Wonder who?
Total equity invested £2.2m. Angels Den were also involved at some stage.
Interesting that David Kirk , the administrator of KH1 Limited authorised by ICAEW has confirmed that the Company is unable to provide a income statement for the last 3 years and that the company confirms that no management accounts or other accounting information has been prepared. Isn't there an obligation for directors to keep proper accounting records ? I wonder if this will be swept under the carpet or action taken against the 3 directors, the accountant being the sister of the founder and a director as well.
ReplyDeleteHard to understand how the administrator can get to 23k of fees with no records to look at ..