Hapless HAB Housing leave shareholders in the dark

In yet another example of the investor power vacuum, HAB Housing Ltd have filed yet more heavy losses whilst associated companies play swinging doors and restructuring games.  

HAB took £1.8m off Crowdcube investors in 2013 and then another £2m of Crowdbnk investors via a Bond in 2017. Results have so far been on the disappointing side and the GAP between the £8m predicted profit for 2018 and £1m loss is substantial. 

What is more worrying for investors is the silence that has accompanied this. Shareholders we have spoken to say they have been told nothing or very little. HAB Land, an SPV used to purchase land and the company the Bond is in, have now handed over 75% plus control to Bah Restructuring Ltd. McLeaod the TV star who headed up this HAB Crowdfunding share sale has resigned from both HAB Land and HAB Financing plc - as have many other directors. Whilst the building works may not have been busy, the swinging doors certainly have been. 

For a Group that told investors in 2017 that they planned to be building 500 new houses a year by 2020, they seem to have been a little optimistic - or is that misleading? This appeared on  https://www.codeinvesting.com/raising-finance-for-smes-hab-land-interview/. 

HAB Housing revenues crash from £800k to just £45k in what has been a challenging year.

Hab Housing, one of Crowdcube's gleaming stars, has had a year to forget. A turnover of just £45,000 and a loss for the year of £1.37m. 

The timing of the late release of their accounts for YE Dec17 could have been better for Crowdcube, who are currently lashing out ladels of PR for their new, must have, cash grab.

The company issued a bond in 2017 for over £1m but was still in deficit YE Dec17. 

This was a cash crisis rather than a fundamental problem; serious delays in two major developments. What this year brings will be interesting and we are told that heavy cuts in overheads have been made - not exactly the role out plan that was sold via Crowdcube.  

HAB raised £1.97m on Crowdcube in 2013 and should by now be making profits of around £2m on revenues of north of £5m. Well they aint and Crowdcube investors should want to know why..........before they give the platform more of their cash to promote similar businesses. 

Where is that good news Luke?

Hab Housing hit hard times

Hab Housing is one of Crowdcube's Gems. They raised £1.97m from 640 investors in 2013. Now they are pivoting again and have brought in a London based property fund for ballast. Losses have replaced any promised profits. 

As Kevin McCloud continues with his excellent TV career, his business Hab Housing has not seen the same success. Recent delays in the two major projects in Winchester and Oxford and what appears to be a major reorganising of the core staff at Hab Housing, have led to 2017 losses rather than profits - filing still to be completed and is late. There are no details about what has been given away to encourage the fund's support. 

According to the company communications, all now looks good for the future but then that's what they said in 2013 and in more recent updates. Challenging times ahead I think. 

HAB to raise another £50m through bond issue

HAB is about to raise another £50m  - just months after completing a £2.4m bond via Code Investing (ex Crowdbnk). 

HAB raised money on Crowdcube back in its early days.

Now its subsidiary HAB Land Ltd is intending to raise another £50m, according to a piece in The Guardian here.

HAB's new accounts are a little off target - but for once we think this is progress.

HAB Housing, Kevin McCloud's day job, has posted further losses for YE 2016 but things are moving on and the company is at least gaining traction. It raised just shy of £2m from 640 investors in 2013 on Crowdcube. Targets have been missed as the company would otherwise be well into profit but awards are flowing and momentum is building. It is better news than any other CC company can provide. 

One interesting development is that the company is looking for ways for its shareholders to buy and sell its shares - due to multiple requests, so they so. It seems unlikely that they are getting multiple requests to buy their shares, so one assumes it is to sell them.

Do they know something we dont? What is under the covers?

Hab Housing's first major project has a few problems.

Hab Housing Ltd broke the record books when they raised almost £2m on Crowdcube on 2013.

The brainchild of TV presenter and architect Kevin McCloud, the firm has suffered some very poor PR recently -


http://www.telegraph.co.uk/news/earth/environment/conservation/11773530/Grand-Designs-presenter-Kevin-McClouds-eco-development-riddled-with-building-errors.html

Lets hope they manage to sort out their operation before the Crowdcube investors are left homeless.