The Old Dog and Crowdcube legend, Red Advertising, has filed accounts to YE May 2017 with another heavy loss of £300k - giving it a running loss total of £2.3m.
You have to applaud the sheer determination of the founder but still wonder whether investors would not rather wipe the slate the clean and get on with claiming their loss relief. Their Crowdcube projections had them making over £2m and that was last year.
Red have raised capital on Crowdcube numerous times, each time with tales of greatness and forbidden fruits. Yet they still keep filing losses. They have been technically insolvent for around a year and even the latest small raise in July wont change that. In their 5 years, they have covered this blog with numerous entries, seen a few name changes, oiled a steadily revolving Directors' door and held a plethora of Crowdcube Awards.
They started with Crowdcube in 2012 and completed their 4th success in 2014, totalling around £1m. Since then even Crowdcube punters have lost interest and they have sought funding overseas.
Who knows, they might even make it. It would certainly be one worth writing up if they do.
Our call back in 2012 was stay clear.