Affresol created a new building block out of recycled materials. Their problem seems to have been a lack of business skills to solidify their own foundations.
Back in 2013, Affresol used Crowdcube to raise £130k. Since then they have had repeated rounds off platform, taking them to a share capital of over £2.5m. Accounts(the latest ones were never filed) show consistent losses and in a recent email we have seen, their last attempt to persuade investors to help out again went unanswered. Investors had seen enough.
Their projections were rich but the concentration on their core client Network Rail has never produced what they said it would. Sales have never come close to any of their projections, whilst costs have. QED the money has gone.
The company received considerable funding from Welsh Government grants - one for £245k in 2015.
We predicted its demise long ago but have had to wait until now for the result. Whilst it's good to right, yet again, this is a business that we think should have worked. It was just very poorly managed.
We wrote about the company several times here
Sympathies go out to all those who lost money.