You remember we keep going on about Zombie companies that Crowdcube has helped fund. Well this one Ecco Recordings, backed by Pels Asset Management, is about to close - at last.
It wasnt a big one for Crowdcube, £140k invested in 2013/4. Still it follows a very similar pattern to most of Crowdcube's successes. Massive promises followed by no delivery followed by a few years in the wilderness followed by collapse.
We wrote about them in March 2017 here and despite an anon posting a lengthy comment about how wrong we were, everything we said has turned out to be true. Crowdcube investors shafted and lied to. Company run so poorly it has collapsed even with the money that the Pels family office have. One assumes, as Philip Pels has signed off on the application to close the venture, that at least no creditors will be hung out to dry.
It all brings back memories of T. Rex's 71 classic - Rip Off.
Wonder who will be getting the promised royalties from Marshall. Or did Marshall just get the band for free? Somehow I doubt it. Sarah should not be a director.
ReplyDeleteshouldnt crowdcube investors be tld that the compnay was folding? This is the first I've heard about it!!!
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