Monday, 2 October 2017

Hochanda file losses of over £8,000,000. CEO resigns.



Hochanda raised £1.9m on Crowdcube in 2016. They were due to file these accounts to Dec16 in June but changed the date. They signed them off in June 2016 - so why the delay? Now they have a deficit on their BS of over £5m.


Even by Crowdcube's standards this one is looking messy.

The CEO Jamie Morris Brian Martin resigned the day these numbers came out. This is worth a read in light of today's news. Something smells - http://startups.co.uk/the-entrepreneur-jamie-martin-hochanda/

When we read the BS (here that stands for Balance Sheet although the other meaning might be just as appropriate), we had to recheck what it said five times and then change glasses just to be sure. The Crowdcube 2016 financials showed the company making a £2m loss in 2016; not £8m. And the long term borrowings that appeared on the BS in 2016 of over £5m have no note and are not mentioned in the Crowdcube documents.

Shareholders may be disappointed to hear that the dividend they bought into for 2017 and probably 2018, totalling £2.4m, seems unlikely!

Watch this space for more Crowdcube crazy stories as we have a raft of company accounts filed for YE Dec 2106 to share with you. 

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