Friday, 23 September 2016

Where will it end? Earlybird announces liquidation


Early Bird has announced it is giving up, closing down, throwing in the towel, leaving its Crowdcube investors with no alternative but to visit the taxidermist; although they seem to have been stuffed already. 


In a letter to shareholders, the founder and CEO says he is very sorry and tells how it is all the fault of this, or that or the other. Oliver Pugh is still comparing his business with Graze, even as it gasps its last breath. As one email sent to us today put it - this guy is delusional. Optimism is great but in the wrong hands it is a disaster. This was optimism on steroids. 

We have been warning about this outcome for a long time - here

Oliver - this was a poor idea, badly executed with which you managed to dupe the often foolish investors on Crowdcube. You never got anywhere close to your ridiculous projections. We can really only be thankful that the agony has now been ended and that thanks to us, the attempt to raise even more money on Envestors was stopped before you did anymore damage.

Could this have been prevented - most certainly. Pugh used highly dubious sales forecasts and customer numbers to gain access via Crowdcube, to investors' money. The customer 'base' was totally fictitious built as it was on one off, free or special offers. These are not customers - they are free loaders who will disappear as soon as their free goods are delivered. This type of manipulation could easily be stopped if the platform could be bothered. They cant. 

Can we respectfully suggest Oliver, that you go and get some real business experience before trying this lark again. Well looks like Oliver didnt take this advice. Only two weeks ago, he opened yet another oine if his companies - all of which have failed to date. So look out for Earlybird Tea and if you have any sense avoid them. 

NB We have since posting this been on the EB site and you can still buy and pay for the subscription!! It also states that the site is now being run by Eat Different Ltd. 

2 comments:

  1. no suprise whatsoever here rob! How this kid raised 600k is beyond me! Have you got a copy of the letter he sent out to shareholders rob? Also their website is still up and running.

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    1. Yes the site is still taking subscriptions - see the blog above. Yes i was sent the letter but decided not to publish it as it's just too sad. Still as we siad above Oliver is off again on another adventure this time with tea - so please anyone tempted do npt give him any investment until he has proven a model can work - you just know what will happen.

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