I see Gripit ( UK Building Products ) has been served with a First Gazette again. This time is for overdue confirmation statement.
First class products , third tier management.
1 Like
Theyāve filed it now. Iāve asked CC for an update and as usual they have come back empty handedā¦
Telegraph article:
# Stock trading app Freetrade crashes to earth with 65pc drop in valuation
Stock trading start-up Freetrade has cut its valuation by 65pc amid a deep sell-off among financial technology companies and a slowdown in markets.
The loss-making investing app is preparing for a crowdfunding campaign that values the business at Ā£225m, down almost two thirds on its previous Ā£650m valuation recorded in November 2021.
The markdown comes amid a steep drop in the value of rivals and a stark revaluing of tech companies globally as interest rates rise.
Robinhood, the US stock trading giant valued at $8.5bn (Ā£6.7bn), has experienced a 70pc stock price plunge since it went public in July 2021.
Schroders marked down the value of its investment in Revolut, which also offers trading accounts, by half in April.
Many of these consumer trading and finance apps boomed during lockdown as people with spare cash looked for ways to entertain themselves while stuck at home.
However, rising interest rates and the end of restrictions on activities have led to a sharp reversal in this trend.
CMC Markets, a rival trading platform, said on Tuesday it had seen āweakerā investment revenues as a result of āsubdued market conditionsā.
Freetrade, which is backed by London-listed Molten Ventures and New York fund Left Lane, revealed its fresh valuation ahead of a crowdfunding round planned for later in June.
The company, which provides commission free buying and selling of thousands of stocks, has previously raised more than Ā£110m. The business has around 700,000 customers and Ā£1.4bn of assets under administration.
Freetrade lost Ā£3.3m in the first three months of the year on revenues of Ā£4.7m. The company launched a round of redundancies last summer to cut costs.
Ahead of a meeting with the companyās crowdfunding investors, chief executive Adam Dodds said: āWeāve seen the longest bull market in history come to an end and valuations of public companies fall.
āFreetrade is no different. Weāre now operating in a different market environment where we need to prioritise profitability.
āWeāve arrived at a valuation for this round in line with the declines in valuation weāve seen with public market peers.ā
The Telegraph revealed last year Freetrade had been exploring a possible sale and was considering hiring advisors to examine its options.
Sky News reported in December that early talks with JP Morgan were unlikely to progress.
7 Likes
Thanks @Sanjb4 for the share!
RIP Cupris if anyone had that one from several years past. Email sent round just now.
Cornish Lithium might be going under (pay wall) Cornish Lithium races to avoid collapse with Ā£10m fundraising drive
BBNo (Brew by Numbers) is in Administration. In May, there were talks about a ādealā.
Based on the joint administrator proposals, they tried pre-pack to a āconnected partyā and it didnāt work. Now, theyāre sold for Ā£220k to a privately-owned beer manufacturing business. BBNo raised Ā£522k at Ā£4.9m pre-money in 2020 via Crowdcube.
Great beer - too bad they did not make it!
4 Likes
Optimus Price went bankrupt. Raised on CrowdCube and was all around automated price manage of adverts that appear in Google Shopping. Always felt it was a bunch of engineers who did not know how to sell or who to sell to. Alas no EIS as Spanish. Ai Carumba!
4 Likes
Luxtripper has entered administration after running out of cash.
I invested in 2016 on Crowdcube.
To be honest never understood why I invested in such a saturated market. Suppose they had a good go at it though, 8 years, considering the pandemic.
Now just to see whether the brand ends up coming out of administration with the same board of directors, but having shed all of their investors, happens far too often.
9 Likes
Derby Brewing Company
It is with huge sadness and regret that we have to announce that Real Brewing Pub Company, the pub company arm of Derby Brewing Company has today entered administration. The brewery will not be affected and continue operate going forward with two of our sites the Hole in the Wall, Mickleover & NOTSA, Aston on Trent continuing to be operated by Derby Brewing under a new pub company.
part 2ā¦In terms of the impact to shareholders thankfully unlike many in our sector we were able to continue with the business all be it in a smaller guise. Meaning that shareholders shares remain in place and are not impacted other than the loss of Real Brewing Pub Company.
Has anyone had any experience applying for EIS relief for a crowdfunding investment that has gone to zero?
I made serval investments into Climb8 before they shut up shop, and hoping to claim some relief this year but it all looks hella confusing
Yes - my accountant does it and unless you know what you are doing, it is worth engaging with one, at least until you learn how to do it yourself.
Itās straightforward if itās gone to zero. On self-assessment you claim a negative capital gain. So if youād invested Ā£100 and claimed EIS of Ā£30, then you claim a capital gain of -Ā£70. Put in the relevant details and it will calculate the refund amount based on your tax band.
If you donāt do self-assessment, no idea of how to do it.
Also if itās not a zero claim, i.e. you get 1p in the pound, if itās more than 3 years since shares were issued, do the same as above but adjust the Ā£70 figure accordingly. If itās less than 3 years, then tough luck, youāve lost the EIS relief because this is considered a sale, and you even have to pay back the original Ā£30.
I invested on the 06/11/2019 Andersen EV and the company was made insolvent on 11/10/22 Can I still claim EIS even though they went insolvent 1 month before 3 years. Any help would be appreciated
I got an answer can you confirm the answer is correct Thank you
yes you can the 3y rule is for the upside not downside Is that correct
1 Like
As long as the value of the shares is zero, you should be able to make a zero value claim, i.e. it doesnāt matter that the 3-year period was not complete
1 Like
Rejuvenation Water Insolvency - another to add to my growing list of crowdfunded failures
Email received from the founder today
"### Rejuvenation Water
For those that have been following my updates, as I toil to raise the finance that we require or seek an acquisition, will know that our runway was getting progressively shorter. Iām afraid to announce that the runway is up and Iāve had to start the insolvency process this week.
Having spent 8 years building Rejuvenation Water, this decision was difficult and very emotional for me but, without the funds that we need to progress, I had little choice.
Hereās where I should reflect on all the clichĆ© highs and lows but, given the losses that will be crystalised, Iād like to just apologise for all those that have backed me and Rejuvenation Water. I still believe in the business, especially the matcha pods and its product - market fit but, in discovering this 7 years into the journey and against the stress of economic and supply chain that we havenāt seen in over a generation, the opportunity to kick on simply didnāt materialise.
This process will mean that the insolvency practitioners will effectively take control of the business, sell any assets that remain in the business and apportion out the proceeds to creditors. Given the few assets that we have in the business, theyāll be little proceeds for creditors and nothing left to equity holders.
For those with SEIS/EIS investment, the loss relief will be due against your next self-assessment.
I am eternally grateful for the support and faith placed in me. The learning curve over the last 8 years has been exponential and I will be using this experience in my next venture. As mentioned in my previous update, I will be assigning 5% of my shareholding in my new business, liquidation.store, an e-commerce platform for to individual investors of Rejuvenation Water.
Iām here to answer any questions that people may have. Simply reply to this email and I can pick it up from there.
Iāll be in touch in due course.
Best,
Kris"
Some brass neck there as he moves seamlessly from ānothing left for equity holdersā onto punting his next venture.
4 Likes
Was this received by email? Nothing on the raising page, from CC or sent to me by emailā¦
By email
kris@rejuvenationwater.co.uk