Bizarrely and much to the irritation of some Crowdcube investors, Zing Zing have applied through Begbies for a CVA at the same time that they were trying to raise more money privately from their shareholders. We are not sure if the one knew about the other. One thing thing is clear - no Crowcube investors have a vote in the future of their company. Crazy stuff they are putting in these takeaways.
Zing Zing is one of Crowdcube's larger and more recent successes. For those of you who can stomach Crowdcube's endless PR, this is their appraisal of how successful they are - https://www.crowdcube.com/explore/investor/zing-zing-where-are-they-now
Zing Zing raised just over £1.5m in 2016. Everything appears to have been downhill since. They were projected to be in profit from 2017 onwards. Obviously that has not happened. Losses for YE Dec17 were £750,000. We have them marked way down on our Buzz rating.
We wrote about at the end of 2017 when they tried again on Crowdcube - worth a read of the comment from a serious investor. http://fantasyequitycrowdfunding.blogspot.com/2017/12/zing-zang-baby.html
Whether they manage to get support for the CVA will be one to watch. Vote on 22 May.
One fact we are sure of now - Crowdcube are consistent in their ability to lose investors their cash. Why? Well simply because they dont care what rubbish they publish on their FCA platform. Nor apparently does the FCA. We do. Join us to make a stand for investors at ECF.Buzz. Equity Crowdfunding can be so much better than this.
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