Nicola Horlick's daughter Alice recently got married to Nathan Engelbrecht. Around the same time, Nicola transferred a chunk of her shares in disfunctional Glentham Capital to Nathan and her brother. A wedding present perhaps?
We have written a lot about Nicola Horlick and the Glentham Fund - here. It used Seers to raise over £400k a few years back and has done nothing since except spent it.
It seems someone bought £250k of new shares in Glenthan in April of 2017. This is the amount Nicola Horlick owed the company. She had said it would not be paid in to buy more equity. But she appears to be new owner of 20k shares.
Alice runs Aevha - a company that used Crowdcube to raise £150k in 2015. Alice's then boyfriend and now husband is also a director. Accounts are due out next month and they are supposed to show the company in profit. New money was raised recently, which wasnt in the projections but without which the company would have been struggling. Strange increases in 'other reserve fund' are unexplained in the last accounts. Bottom line is very thin.
Glenthan Capital itself seems to be pointless. It made another £150k loss for YE Dec17 and has no money. The fund it was intended to set up, is very reluctant to come out and be seen.
What's next - anyone's guess but I wouldnt expect it to be too good.
So did Seeders ever confirm 100% that the £250,000 was actually invested by Nicola Horlicks, or anyone for that matter? I recall they had to start legal action to complel the investment?
ReplyDeleteI think her three film development EIS companies Derby Street Films 1, 2 & 3 that her Rockpool investment company promoted have come to nothing as well. Several £m combined lost.
What a sorry saga!
I guess in film terms we're in the "Third Act", as the story comes to an end. Hopefully no sequels in the pipeline.
Ah - that would be Nathan of "Guest Bar" - also on Seedrs, and never opened...after opening a (good) bar in Battersea using the crowd funds for a restaurant in Chiswick! Hadn't realised those two were related to Horlick. I wonder how Aevha are getting on - great bags, but I've never seen them for sale.
ReplyDeleteI noticed last week she was no longer a person of control PSC, but I cant see any share transfer on CH. Where is this from, is the information solid??? as it tallies with why she is no longer PSC
ReplyDeleteYou can see the transfer if you look at the last Confirmation statement - she off loaded the same amount as the two new SHs (her son in law and brother) ended up with. It doesnt get a filing at CH.
ReplyDeleteI did look into Derby Street Films as a possible investment .... seems I had a lucky escape! For anyone interested I have uploaded to https://we.tl/kuLMuh6o5k in a zip file the various promo documents for the 3 companies that my IFA was pitched (NB link expires in 7 days). As a bonus there is a mocked up poster for a project called Once a Pilgrim, supposedly starring Jason Statham. It's hilariously bad! The Rockpool info for DSF3 dated May 2013 says "DSF1 and DSF2 have 11 projects in production or expected to go into production in the next 18 months. This represents a higher success rate than was originally expected and reflects the team’s credibility". Yet as far as I can see only one project In the Blood (filmed before this statement in 2012) ever made it into production, so this was clearly misleading. They projected a 3.7x return on net EIS investment, then on each page add "Warning: Forecasts are not a reliable guide to the future". It's not really a surprise that Glentham Capital also came to nothing.
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