As the fog on the Sugru debacle thickens, we have a lead that may prove the 2017 raise should never have been allowed.
Sugru screwed Crowdcube investors for around £6m. It now seems confirmed that the breach that occurred in their banking facility with Clydesdale Bank, prior to the 2017 pitch, was material and was hidden from investors.
It all depends on interpretation. Sugru claim it was not material but they admit it happened and they admit they and Crowdcube agreed not to tell investors. Thereby materially altering the company position presented by the platform - which claimed the £3.5m facility was 'secure'. The accounts for the period confrim that the breach resulted in the loan, due to be repaid in...
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Thursday May 24, 2018
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.