Wednesday, 30 September 2015
Another Crowdcube success collapses after 12 short months.
Bookbarn International raised money on Crowdcube only 12 months ago - from 54 investors.
On the 17 August this year the company entered into a voluntary arrangement under the 1986 Insolvency Act. The outcome is not clear.
RIP Bookbarn International - yet another Crowdcube success story that has failed to reach either Crowdcube's platform or the media. Crowdcube would have known about this as they were one of the investors named in the filed document.
The whole CC raise was the usual dodgy business. Started with target of £75k but failed, so raised the equity on offer, still failed so eventually reduced amount required to £45k and completed. The two main directors have certainly had a busy business life.
The company had charges registered with Thincats, BoS and Natwest.
When will the FCA insist that platforms like Crowdcube start to put out the bad news as well as the PR?