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Asset 1005


Another Crowdcube Zombie calls it a day - Workabode liquidates after raising twice on the FCA regulated platform

Founder Trevor O'Hara is a cracker - he's from Ireland. This is not a story of a near miss or bad luck. It's not even a joke. No, this is a story about nonsense, about promoting £21m of net profit, rising to £35m next year and delivering liquidation. It is not a story anyone would wish to see repeated. 

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Trevor sent his shareholders a short communique stating that for reasons outside of his control he had to close the business. In plain English - I have spent all the money and now the bank account is dry, it's time to go and do something else. Nowhere in this pathetic excuse of an email does he attempt to apologies or recognise his own failure. 

He used Crowdcube twice to raise a total of £380k in 2014 and 2015. The business has been in the waiting room ever since. Meanwhile, Trevor has been evangelising about how to make great businesses. 

He is under the allusion that the way you scrap a UK business  - one registered at CH - is by creating an official looking document in Word and heading it - Notice of Company Dissolution. You then include phrases like  - ' Notice is hereby Given .........' and that is that. Trevor, that may be the Irish way but it wont work here. Shareholders would be advised to act now to see if there is any money they can get back from Trevor. Or indeed from Crowdcube if the pitch was in anyway misleading - £35m net profits!! ECF.Buzz has advice on all of this. Investors need to take back control.  

We wrote about this nonsense before here - he threatened to come after us! Looks like we were right - or more correctly, he was certainly wrong. You get them and they are best avoided. Now he is logged in, all ECF Buzz members can do that. Our Buzz Rating for this one has been spot on - Zombie waiting to go down. Goodbye and please dont come back.  

Saturday July 6, 2019

Hardman and Co’s Brian Moretta in conversation with ECF Buzz Founder Rob Murray Brown on start up investing, equity crowdfunding and what’s a good read.