Sunday, 22 May 2016

Typical Crowdcube skullduggery

We have written several posts on Wild Trail. They raised £160k on Crowdcube in 2013 and then failed on their second attempt. They also tried and failed on Asset Match.

In March of this year they ceased to exist - neatly dissolved like an asprin, using a simple voluntary strike off at CH.

However the empty glass is showing considerable signs of residue.

One of their shareholders contacted us to see if we could get some answers - Crowdcube were not interested and the owners had vanished.

The residue comes by way of a site here , which is actively trading under the name of Wild Trail Ltd - the dissolved company. They are selling off the site - the same branded health food bars packed in the same wrappers as before.

So what is going on?

Well firstly the site is in breach of all of the UK's regulations on web trading. It has falsely presented itself as a Limited Company - Wild Trail Ltd - that does not exist and it has no T&Cs. They are also in breach of all the EU regulations (Directives) for on-line selling.

Secondly a little research reveals that this is being operated by a company based in Wales called Brighter Foods Ltd. None of the directors of Brighter Foods were involved in Wild Trail as far as we can see and vice versa.

As far as we know none of the shareholders (via Crowdcube) know a thing about Brighter Foods Ltd. We assume they bought the IP off Wild Trail and maybe that money went to creditors to allow the company to close voluntarily. So now someone is making money out the shareholders capital and the shareholders don't even know about it.

Where are Crowdcube in all of this? As usual , out to lunch.

Despite requests for information they have been left in the dark - not only losing their investment but seeing the brand they invested in in good faith, still 'trading'. One comment on the Crowdcube forum illustrates how ill informed some investors are when it comes to companies. They talk about Wild Trial's administrator selling the IP  - the company was never in Administration. There is talk about this new company as if these shareholders have a stake in it!

What is genuinely disgusting in all of this is that Crowdcube have just turned their backs - they dont want to know. A company that spends £6.3m on its own administration costs pa (2015) cannot take 30 minutes to look after its own investors. They are far too busy preening themselves for the next awards ceremony.  Get a grip boys and sort this out.

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