Since we asked where Big Sofa had gone, we have dredged up some unpleasant information

Big Sofa raised money on Crowdcube  - we dont know how much as some of it was withdrawn. But a good slug anyway. 

Big Sofa is now on AIM but most CC investors missed out (we believe all B shareholders missed the boat) and the company forced them to sell up before the IPO, at a price that meant they lost money - according to Crowdcube. We have written about them before here

During all of this, BS was involved in a RTO along with a company called New World Oil and Gas  - its all complicated but is explained in a fashion here along with the possible money laundering and other shenanigans that may have been part of all of this. Even if only some of it's true, you have to wonder why Crowdcube's broom cupboard didnt pick up a whiff?

New World Oil and Gas was suspended on AIM whilst all of this was investigated and remains so today. The RTO was put on hold and meanwhile BS IPO'd. Those who know things about Crowdcube will be interested to see that Hargreaves Lansdown are listed as a significant shareholder in New Oil and Gas.

All in all it paints quite a fishy picture. 

Where is the Big Sofa? Ah there you are.

Big Sofa raised a target of £700k. Ka-ching went the commission. So why have all four lead directors now resigned and where has the cash gone?

There seems to be some connection between this company and Big Sofa Technologies PLC, which went public shortly after changing its name on Dec 2016. There seems to be no legal bind but they do the same thing and have largely the same directors. - Correction.... Big Sofa Tech Gp PLC (on AIM) bought BS Tech Ltd and it is now part of the Group. So does that mean it is Crowdcube first IPO?? And if so why havent we heard about it?? 

The Crowdcube version should, by Dec 2016, have been at BE. The filed accounts show losses for the year of 2.3m. Revenues are well below projected levels and the company is technically insolvent. So just about standard for Crowdcube.

No doubt there is a plan.

On further research we have the answer. Bloody typical. We havent heard about the deal for BS Tech because in Crowdcube's own words - 

Big Sofa initiated a realisation for its investors prior to a listing on AIM Market in 2016. Investor returns were at a lower valuation than the initial investments.

I think what Luke is struggling to say is Crowdcube investors in BSTech lost some of their money. Was this on another drag along deal? Shares in BS GP were listed at 17p and opened at 21p, then rose to 28p before falling back to 21p now. Hard luck to all you CC believers. Luke you need to go on a realism course.

UPDATE - today 11/09/18 share price is at 8.2p so under half its listing price. Good job.