So most of the March 2017 filings are in and its the worse than we thought. All but one failed to get anywhere near to their projections.
At the same time the Crowdcube PRing machine relentlessly continues to churn out more positive spin about how successful they have been. Now 500 companies have funded via the platform, they proudly and loudly announce. At the current average of 95% missing their projections ( ~ 194 out of 204) that means 475 will eventually go west. Good job.
It is very simple to understand but no one seems to get it. When you fund poor business plans and poor business teams, they fail. When you take a non scalable business and try to scale it, it implodes. If you keep doing it, they keep failing and imploding. If you also offer investors under SEIS almost all of their money back, then these investors have no reason not to keep on investing... just in case.
What does it do for UKplc, we were asked on Share Radio? Listen on Monday at 4pm for the answer. Its goes something like this ......well the insolvency guys are all buying new cars and the bemused creditors are all walking to work.
Some of these guys put the A back into filing - here are the latest......
Disarmco - Projected profits over £400k actual losses £23k. Cash has run out.
Rollasole - Projected profits over £450k actual losses £60k.
Good news for investors in Mr Shericks Shakes is that the projected losses of £90k for the year were filed as just under £90k. Well done Mr Sherick - you stand alone as a beacon of sanity and hope above the Crowdcube killing fields.