Friday, 5 February 2016
Some FREE advice for Left Shoe Co
A current pitch on Crowdcube has made a massive error - uncorrected it will not fund.
So here is some FREE advice for The Left Shoe Company from all of us at ECF Solutions
1. Don't talk vaguely about converting £500k of investor loans into equity - you need to either have done it or be more precise - what value, dilution to this round etc etc.
2. Don't talk vaguely about converting an outstanding creditor debt of £100k into equity - see above.
3. Don't talk vaguely about renegotiating a bank loan but show it being paid back on the projections - it makes you look pretty foolish.
4. Why have you chosen to pitch only 2 months before your first accounts are due to be filed? With all the above and your claims, you really need to have filed these already - that isn't much to ask surely.
Of course this is all advice you should be getting from Crowdcube, if they bothered to employ people who knew what they were talking about. As they don't, you should have come to us first and we could have sorted this out for you. Your pitch is going nowhere unless you take our advice.