Thursday, 30 March 2017

Ethos Founder resigns and still no accounts filed.


Ethos Global, who raised £709k on Crowdcube less than 12 months ago, are now 6 months overdue with their accounts and AR. Now the co founder, Ms Hersch, has resigned.

The company's 2016 Crowdcube pitch talked a great game about their existing and highly successful Cambridge studio and the plans to open many more. Shortly after raising the funding, the Cambridge studio closed with the property being put on the market by Bidwells. They then opened another first studio in their chain, in London. So far that's it.

We have written about them before here.

When contacted, the company pretended to have a PR department, who unsurprisingly refused to answer any of our queries. Readers may remember that the Solar Cloth Company also came from Cambridge........perhaps something to do with the waters of the River Cam being a little murky?

As some one below has very kindly pointed out - this is not the full story. Hersch has just joined a company called Ethos London England, which was incorporated in February this year and is in turn wholly owned by Ethos Enterprise Holdings  - also set this February and wholly owned by the other founder of Ethos Global, Dr Theo. Of course this all be for very good reasons but it seesm a little odd that shareholders in Ethos Global, who are waiting for accounts, have to watch as these two play pass the company. The music will surely stop soon? 

The reason we didnt see this connection before, is that these two both have names that lend themselves to multiple entries at Company House; a feature which you may remember was prominent in Solar Cloth Co fiasco.

We wonder if this could have anything to do with the Cambridge lease? The property is still vacant and if their lease was a long term one with no break clause, ditching Ethos Global might be a solution in a pre pack deal. Wait and see.



1 comment:

  1. This appears to only be part of the story. That resignation was filed in December last year, in February 2017 Ms Hersch joined a new firm (Ethos London England Ltd) as a director. This firm is wholly owned by Ethos Enterprise Holdings Ltd which in turn is 100% owned by CEO Theo.

    ReplyDelete