The Filmore and Union you invested in is no longer in operation. They took your money, they spent it, and they ended up owing money to suppliers/staff/HMRC (I assume) that they couldn’t pay. So the company you invested in went into administration.
Someone else then bought them. The proceeds from the sale go to pay off creditors first (suppliers/staff/HMRC). Only after that would shareholders get anything. There typically isn’t anything left.
I disagree. To stop investing after you’ve made a loss just means you stay a loser. For those that lost money in the financial crash, the best decision would have been to get back in.
That said, equity crowdfunding is very risky and illiquid and it’s not something that anyone actually needs in their portfolio.
Whether that’s a lot depends on how much of your investable assets it represents. The Freetrade community has a wide range of answers as to how much they put into crowdfunding.
I personally have 13%, but won’t be putting any more in until that figure is nearer 10%.