You remember Flavourly, the snack delivery company that raised over £500k on Crowdcube and over £100k on Angels Den and then delivered a wipe out for shareholders. Well they are now failing with beer. Seems the poor service record is something the pivot hasnt changed.
This is an all too typical tale for Crowdcube investors - over 300 in this instance.
In January this year, Flavourly forced all shareholders to sell their shares using a clause in the AoA which allowed them legally to do so. The company was sold to Drinkshare Holdings for £118k. You can read the full story here - it's shocking. There are too many main members of the Flavourly team involved as SHs in the Drinkshare outfit for our liking. How this is legal is anyone's guess.
Ryan O'Rorke is a major mover behind both but he didnt have any comment to make. He never does unless it's some PRing nonsense. The other members of Drinkshare are no better.
Reading the reviews on Flavourly, you start to wonder if the management suffer from some self- harming mental illness. Taking money off customers and breaking all your promises is not the way to conduct a successful business. It is exactly what they did at Flavourly V1, so at least they are well practiced.
We very much hope that these guys go down now before they cause anymore damage. And we would hope that all sensible investors will note the names involved and act accordingly the next time they surface for money.