Thursday, 26 January 2017

More Horlicks in Denmark Square


For those who have followed the Horlick's Saga - more news.

Nicola Horlick's parent company, which owns her P2P lending venture Money&Co, has just finally reported its accounts to March 2016. 

Not good. Although according to her they are ahead of budgets. But who saw the budgets?

A loss for the year of £1.89m puts the company balance sheet almost half a mill into the red. New finance by way of borrowings was arranged in Autumn 16 to cover off due balances. Redcrest Enterprise, a BVI registered company, provided the finance, along with Nicola and a colleague.

4 directors left on 19 January 2017 including Crowdfinder's Luke Davis. Do you think that means that Nicola will no longer be wheeled out at their events as a doyenne of the investment world? Her comment on the departures quoted in The Times http://www.thetimes.co.uk/article/superwoman-flies-to-rescue-of-ailing-lender-r8qlrrsk3 is Trumpesque - they.... were part of the firm’s desire to strengthen its board as it seeks regulatory approval from the Financial Conduct Authority. A comment that cannot please those leaving too much!

Shame.

In a month's time, Nicola is due to stump up the missing investment in her empty Glentham vehicle see here  . That's a missing £250k that was promised via the Seedrs platform. Wasn't that also from China?

We will wait and see. 

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