Thursday, 11 February 2016

Some night time reading with a nice cup of ...................

Glentham Capital Ltd raised two separate amounts on the Seedrs platform in 2013 and 2014, totalling around £350k. The business was established to raise and run arts and film funds. It's main claim to fame is that it is the brain child of supermum Nicola Horlick.

According to the Evening Standard the company spent all but £60k of this money without much success. So far, the company set up to create and manage funds, has no fund. As far back as July 2014 investors were getting a little shirty with the slow progress; who knows what they feel now. In October 2015 Horlick confirmed that she was expecting the fund to close at £50m in March this year.

The company returned to Seedrs in January 2015 and successfully raised another £36k. This was on the back of a promise in the pitch that a £250k single investment had already been agreed with an external investor; so current shareholders were being given their pre emption rights.

So where is this £250k investment? Well as of filings today at CH, it has not arrived. It's over a year late - what you might call a late bloomer.

Geoff Lynn, Seedrs CEO,  when questioned in October 2015 by the paper, stated that the money would be in place by the end of the year. He is quoted as saying that he was not worried because ''Nicola will be putting the money in herself if for any reason the external investor falls through''.

Time to pay up or we might all think this shows signs of being a bit of a horlicks.

Thanks go to our friend for the tip off.

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