Monday, 27 July 2015

Mind the Gap's latest players

More Crowdcube 'successes' miss their financial targets.

East End Manufacturing has just reported a £152,000 loss against projected £50,000 profits. These were the projections used for their second raise as they ran out of money from the first - which needless to say had even more ridiculous projected profit levels.

Sole Trader Websites made a loss for the year of £118,000 and is way off its projected targets.

Playrcart has a website still in Beta and is due to file accounts shortly - it doest appear to have any clients so it will most likely be making very little money. It funded two years ago.

Purple Harry reported a loss that is 5X larger than the one projected in its Crowdcube pitch.

Pip and Nut are now 2 months late with their accounts. Interestingly they have taken on board one Fleur Emery - the person behind Green and Pleasant Lager which recently closed having raised money on Crowdcube. The 'brand' is still around as she appears to have sold this to someone who is now operating it as Green and Pleasant London. We understand the original company, 28 Broadwick St, which has closed, did not pay anything to its Crowdcube shareholders - if we are wrong please let us know.

.............27 Aug..... Pip and Nut have now let Fleur Emery go, filed both return and the smallest accounts you ever likely to see and are seemingly back in business. Squirrels eh, I dont know!

Finally Atlantic Kitchen's filed accounts show that the historic data they presented on Crowdcube when they raised £150,000 was inaccurate. It showed a positive balance sheet for the 'previous period' where the accounts show a deficit. Someone clearly cannot count. They have changed their filing date so we will have to wait until September to find out if they have managed to make up this deficit.

This is all just run of the mill when it comes to Crowdcube pitches. The best option is to assume that all the information you are supplied with is inaccurate and go from there. Good luck.

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