Tidy Books joins the Crowdcube queue of disppoinments

There is a consistent message here. Crowdcube funded business do not do what they state on the tin.

Tidy Books Europe raised money on Crowdcube in 2014. We had hopes after reporting a small profit in 2014 that this company might be the first to achieve figures close to its Crowdcube projections.

But no, 2015 saw a loss against a projected profit of £180k.

Oh well,

Crowdcube just keep it coming & coming & coming ..........

Tidy Books Europe Ltd raised £125k on Crowdcube in 2013

Last year they tried to raise another £150k but failed.

So we have a projections used for last year's attempt to compare to the real accounts just filed for YE August 2015. Needless to say the filed accounts bear absolutely no resemblance whatsoever to the 2013 projections. But you'd have guessed that already. You would also not be surprised to know that in 2013 they had no plans to raise more money and thereby dilute shareholders.

What is more alarming and if you read this blog you will know it is becoming almost an everyday occurrence, is the fact that the historic accounts to YE 08/15 produced by Crowdcube in last year's pitch, are not the figures that have just been filed at CH.

So here we are again - yet another pitch with figures that are purported to be 'actuals' and that have a  material bearing on the investment pitch - where the figures are wrong. If some figures were wrong one way and then others the opposite way, then you could just put this down to either stupidity or laziness. But no, the differences are ALWAYS making the companies' positions better .....never worse.

Tidy Books increases value X3 - Crowdcube ecstatic!

Tidy Books are back on Crowdcube. In 2013 they were valued at £600k.

Now their pre money valuation is £2m.

So investors are holding street parties to celebrate their X3 return.

Progress has to have been very good then.

No.

Projected t/o for 2015 was £1.6m with a healthy profit of £170k. According to the new pitch the actual turnover was a mere £428k with a small loss. As ever, all the old projections have been consigned to waste paper.

According to the projections from the previous raise, the YE August 2013,  the actual T/o was £413k so growth over the period has been zero. Reading the current Crowdcube pitch you would think they had come in on budget since 2013.

If you really believe that this performance is worth £2m then good luck to you.  To back the new projections you are going to need a lot of faith.