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Asset 1005


Zing Zing CVA is passed by Creditors so Crowdcube investors are stuck.

Yet again Crowdcube investors are treated like door mats. Zing Zing raised £1.5m in 2016 and then another £1.2m in 2017. Now Creditors have agreed a 4 year CVA which leaves the Crowd holding onto worthless paper. Paper that Crowdcube promoted as being worth £7.2m in 2017. 

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We wrote about this when the news broke - here . Predictably profits forecast on Crowdcube never materialised. The CVA documents go into a variety of reasons for this. We add them all up and make it one reason - piss poor management and planning. 

As investors are not considered to be creditors, they have no leg to stand on in these cases. Creditors are being told they will get all of the £523k debts back. No one gave a monkey's about the Crowd. Least of all Crowdcube, who have their commission. The administration for the CVA will cost £100k. Yup.

So get savvy about your investment and join our crowd at ECF.Buzz, where you can learn from other investors and experts.

Saturday June 1, 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.