White Car, Black Car, White Car, Black....No Car as it comes off at the first corner, having taken £822k off Crowdcube investors in 2017.

A failure to persuade anyone else to invest in White Car, is the given reason for this Crowdcube business' failure. Or in plain English it was a clapped out old banger with no engine. 

We dont know the extent of the failure yet, our information came from source. But it does seem remarkable that this company can raise over £800k from more than 500 investors on Crowdcube in 2017 and another £200k in 2018 and then just over a year later it tells those same investors how sorry it is that things have not worked out. There is definitely something missing in this story. 

This is what White Car told Crowdcube investors in 2017 - 

''The Directors believe that no further equity capital is required and that the funds raised here will be adequate to reach exit. The rate of outlet openings can be varied to reflect the resources available'' 

No mention of going bust if you cant raise more cash, as the administration email states. 

For the first year post funding, the company actually lost only £640k against the projected loss of £800k. But they still apparently needed more cash - why? We had it rated above average as a result!

And they have just last month signed away the IP to Hotzone Technologies Ltd. Which is interesting given that they have now gone in administration. They also raised another £200k in equity funding in 2018, depsite what that said on Crowdcube and despite the now obvious failure of the management to operate the lift.

Back at the end of February 18, the company had over £500k in cash and then raised another £200k. So over £700k has gone west in just 12 months. Where was the management? Ah yes - still stuck in that lift. 

A mouthwatering disaster. Just another day for Crowdcube.