Mr Shreicks Shakes took £280k off Crowdcube investors in 2015. It is now in the hands of Il Liquidatore.
In a slightly odd twist, this Crowdcube failure had sent an email to its shareholders at the end of 2017, telling them that the end was nigh but that he, Andrew Sherick, hoped to resurrect the business once it had closed. The reasons for closure were numerous but none of them were down to him.
In this email he wrote -
However, what I would ask is that it is important at this difficult time that I also ask that you keep this information entirely confidential. Your support in this would be appreciated. I put at risk our plan to carry our shareholders forward if I am not offering similar to our creditors this I cannot do. (His underlining and colour selection)
Had he achieved the above and knowingly left his creditors short, he would have being breaking the law. Luckily for him, he didnt.
The company goes down taking with it unpaid debts of over £600k, accrued in just 2 years. One key supplier, Tomlinson Dairies, were well thanked for their efforts by being left with a debt of over £200k. There appears to be no money in the company. Which is odd as the founder had claimed the IP and brand was a roaring success. In the SoA he puts its value at zero.
We really do need to either start educating people in some basic business sense or stop idiots like this from being able to set up companies. You dont allow people to drive a car without a license, so why do we allow anyone over the age of 16 to be a company director and start companies at the drop of a hat.
As usual Crowdcube have been conspicuous by their absence in all of this.
We wrote about this before but took the post down when the founder contacted us to give him a chance to sort things out.