Seedrs takes legal action against the Superwoman known as Nicola Horlick

Have Nicola's Crows eventually come home to Roost. 

Nicola Horlick has become embroiled in a new scandal - clearly she has missed them.

She was involved in a Seedrs raise for her Glentham Capital vehicle and had committed to putting in a missing £250k that had been promised in the pitch. This money has never materialised and Seedrs have run out of patience. We broke this story about Nicola sometime ago and have been keeping you up to date with developments - see here

So we wait to see what happens next. 

So how is Nicola Horlick's Glentham Fund doing?

Nicola Horlick's Glenthan Fund raised £150k on Seedrs in July 2013.

This is from the pitch - 

Glentham Capital would receive a management fee of 2% per annum. If $100 million is raised, the annual revenue of the company would therefore be $2 million.

3 years later and the company has achieved very little - if anything, The film fund it was set up to raise of $100m is as far as we know empty and cancelled. As are the company coffers, with the latest (late) filed accounts showing an overall deficit and losses of the year of £200k. 

We have written about this before - Seedrs also commented that Horlick had guaranteed to replace £250k into the company this year - http://fantasyequitycrowdfunding.blogspot.co.uk/search?q=+glentham but there is no evidence that this has happened that we could find.

Anyone got clue what is going on here?

Is Nicola Horlick having a laugh?

We cant make out Nicola Horlick.

She is apparently a director of a new jewellery company called Twelve London, which is raising money on Crowdcube.

Actually we might rephrase that. She is a director of Twelve, which is currently in the running for the wooden spoon when it comes to raising money on Crowdcube. Pretty well zero interest and only a few days to go.

In the pitch headline, Nicola is a major feature but what really does she know about retail or jewellery? Surely she cannot be brilliant at everything?

This company has no product, no trading record, no website and no support, Still it has been 'valued' at over £800k  - now that has to be a joke.

£100k will make its first range, build its website and get it sales. That also has to be a joke.

Oh and Nicola doesnt have any shares in the company, which doesnt appear to have had any investment at all to date.

By the way Nicola, whilst we are talking about you and ECF,  we are still awaiting news on the Glentham Film Fund, the one you funded through Seedrs..  How is that going?

Glentham Fund Chapter II

Following our previous post on the Glentham fund, we have been contacted by the Seedrs platform.

Firstly we would like to thank the platform for taking the time to respond and to congratulate them on reaching £100m in funded pitches. And yes we know you are not Crowdcube!

So, Glentham.

It now appears that Nicola Horlick will come good on her promise to replace the £250k of external funding - in fact it may well be there as we write. She has in any case re confirmed that she is covering it. Although it's not going into equity; so there was no need for Seedrs' investors to protect against dilution. 

Rather oddly, this investment has now become about a completely different venture. Despite writing in the Seedrs pitch that the film fund 

''Appetite from pre-marketing efforts has been strong and the initial target raise of US$100 million has been raised to US$250 million.''

The film fund has been shunted into a siding and makes way for a new US SME loans fund. 

Call us old fashioned but if we had invested in a film fund we would expect to see a film fund. But we must be out of step with the modern world. 

The film fund will come apparently, but only after the SME loan fund, which is due to close in two weeks with in excess of $100m in its chest. Apparently it was too difficult to set up a Film Fund. 

Like a good book,  this company keeps the reader on the edge of their seat, not knowing with any certainty what will happen next. We look forward to Chapter III.  

Some night time reading with a nice cup of ...................

Glentham Capital Ltd raised two separate amounts on the Seedrs platform in 2013 and 2014, totalling around £350k. The business was established to raise and run arts and film funds. It's main claim to fame is that it is the brain child of supermum Nicola Horlick.

According to the Evening Standard  http://www.standard.co.uk/business/anthony-hilton-nicola-horlicks-film-investment-vehicle-is-making-slowmotion-progress-a3084996.html the company spent all but £60k of this money without much success. So far, the company set up to create and manage funds, has no fund. As far back as July 2014 investors were getting a little shirty with the slow progress; who knows what they feel now. In October 2015 Horlick confirmed that she was expecting the fund to close at £50m in March this year.

The company returned to Seedrs in January 2015 and successfully raised another £36k. This was on the back of a promise in the pitch that a £250k single investment had already been agreed with an external investor; so current shareholders were being given their pre emption rights.

So where is this £250k investment? Well as of filings today at CH, it has not arrived. It's over a year late - what you might call a late bloomer.

Geoff Lynn, Seedrs CEO,  when questioned in October 2015 by the paper, stated that the money would be in place by the end of the year. He is quoted as saying that he was not worried because ''Nicola will be putting the money in herself if for any reason the external investor falls through''.

Time to pay up or we might all think this shows signs of being a bit of a horlicks.

Thanks go to our friend for the tip off.