Monday, 22 June 2015

Another case of misinformation, smoke and mirrors for an ex Crowdcube pitch






We reported sometime ago on the demise of Brupond (Brewpond Ltd). They were an early recipient of Crowdcube funding in 2012 and one of their earliest failures - or so we thought.

Started by an American, this business was quickly funded on the back of the craft beer craze, even though the founder had no knowledge of brewing. It lasted a few months, produced little that was drinkable and then his blogsite declared he was returning to the States to carry on a proper career.

He simply upped sticks and left, leaving the company in limbo. Looking now at the filing history something is not quite right. On several occasions it has applied to struck off only to have these applications overridden with DISS40 and DISS16s. It managed to file accounts in mid 2014 for 2013 showing assets worth £144k - no trading, no stock and tiny amount of cash. It posted a £1500 profit. We suspect that this is why it has had its striking off cancelled - these accounts do not make sense. Its next accounts are now well overdue. Several directors have been and gone since and now it is yet again, 2 years after the founder left for the US, still awaiting closure under its first gazette. However a new director has just been appointed so we may well see this rescinded ...again.

There has something wrong with a system where this can be allowed to drag on for two years. We'd be keen to hear from any shareholders.

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