administration
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Latest property news
Founders of Cream Club struck off as company directors for eight years
Craig and Claire Cook were found to have failed to pay staff who worked for one of the club's incarnations following an Insolvency Service investigation.
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Winding up of company behind old eMoov to take another year
The appointed administrator of the failed company behind the original Emoov business has submitted documents to Companies House revealing that it will take a further 12 months to complete the task. London and Southampton-based legal firm James Cowper Kreston has gained the agreement of Emoov Ltd’s creditors to extend the period of administration to the 2nd December 2020. Emoov Limited went into administration on 20th December last year after the business failed to find a backer to keep it trading following mounting losses. Earlier this year James Cowper Kreston revealed that it has £465,777 to distribute to the company’s creditors including £232,500 paid for the Emoov name, website and technology platform by proptech firm Mashroom Ltd. It has subsequently relaunched the business with a new logo, website and fees structure. The extra time needed by Emoov Ltd’s administrators reflects the complicate nature of its descent into receivership; as well as shareholders, trade creditors and institutional investors, it also raised money from hundreds of small investors via crowdfunding platform Crowdcube. This includes £2.62 million raised in 2015 from 780 people and a further £1.9 million raised in July 2018 from 1,119 investors. Emoov also signed an equity-for-media deal with both Sky…
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eMoov was no ‘punt’ says CEO’s son and former employee
Russell Quirk’s son has pitched in to defend his father and sought to soothe the disappoint felt by staff and both private and institutional investors who sunk millions into the company. Callum Quirk worked at eMoov with his father as initially a marketing assistant and later its product consultant. Before that he worked at Crowdcube, the funding platform where eMoov raised much of its money. This included £1.15 million raised in July from staff, family, friends and past customers and £2.62 million in 2015. Callum confirms eMoov continues into administration but says it made “a significant contribution to giving traditional entities a well-needed wake-up call”. He also says he regrets the ‘unfortunate time’ for investors including ‘ordinary people’ and the staff with their ‘finances on the line’, but he also claims that: “It should be recalled that both funding rounds were also backed by established VCs with financial information and forecasts outlining the future prosperity of the business. “This was no ‘punt’ but an investment with one’s own capital at risk. “Everyone should be fully aware that there is never a guaranteed pot of gold when making investments despite any noted previous success.” But his father now has a swansong…
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Failing Humberts has yet to file accounts for 2015, official records show
Read how troubled estate agent Humberts has yet to file accounts for 2015 and when it did last reveal its financial results for 2014, made a loss of £1.5 million.
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