Wednesday, 22 March 2017

MEEM's Pre Pack Administration hits some turbulence in the year they should be making £25m profit

MEEM raised over £700k on Crowdcube and then went into administration. One of the secured lenders to the company who has now been repayed, is one the directors. In a pre pack deal, most of the remainder of the outstanding debts has been passed onto the newco - a total of over £1m; £830k of which is from employer liabilities.

However the pre pack and administration has been stalled as two of the company's shareholders are considering or are taking, legal action against the company directors. No detail is given but one can assume it's not because they behaved normally.

We wrote about MEEM's collapse and pre pack deal here. Crowdcube's great facilitation just keeps on rolling. This year MEEM was due to be making over £25m in net profits according to the Crowdcube 2015 projections. Shame.

1 comment:

  1. So, Reigning Days have signed for Marshall Records. Good result but shareholders haven't been notified(and probably never will). Wonder how it translates commercially on the balance sheet.Dividends please.