Enclothed – A Cash Injection?

Last updated: July 28, 2017 at 22:43 pm

Having reviewed this CH post again and the post from yesterday, I’m now not entirely sure what’s going on. The 800k mentioned in this post just looks to pertain to the nominal value of the shares held by Dana. Something clearly happened at the beginning of the year, I’m just not sure what. 

Enclothed, the men’s personal styling service had a crack at raising £350k on Seedrs back in Q1, the pitch fell flat and didn’t hit its target. Despite being a holder in Enclothed after their initial pitch on Crowdcube from 2015, I had issues with their valuation this time around that stopped me putting my hand in my pocket.

If I’m reading their CH filings correctly, it looks like one of the directors (Dana Zingher) has made a significant loan (just shy of £800k) to the business. I’m not sure what to make of this, it’s quite a sum and I’m obviously curious to know where it’s come from. Dana clearly hasn’t let the failed pitch put her off and is pressing ahead regardless.

I’ve used their service and that of one of their competitors and in my opinion, they came out on top in terms of customer service, particularly around arranging collection and the interaction with their stylist who seemed much less pushy than that of their competitor. The variety of brands/labels they supply may turn out to be a limiting factor – I think they need to broaden the brand list as it seemed from the couple of boxes I’ve had that they have a couple of brands they push harder than the rest, as a repeat customer I want to see a variety and I don’t want the same brands rolled out over and over again – Hopefully, the recent cash injection will help to address this.

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