An email from SA Insolvency revealed a few details about the imminent winding up of Purple Harry, time for some quotes…
“I am advised that there is very little stock remaining, which the Directors suggest has a cost price of around £1,000. I have no further details, but will be instructing agents upon my appointment.”
“Unless the trademarks and “IP” realise significant sums, there is absolutely no chance of there being a return to the Crowd Cube investors.”
So as I suspected, there isn’t much left.
I told you these things came in threes, I got an email from CrowdCube yesterday to say Purple Harry are commencing liquidation proceedings. They raised just over £80k at the end of 2013 for a 25% stake in their bike cleaning product business. So all I have to show for my £100 investment are the freebie products they dished out to us initial investors, my favourite of which was their bike floss product.
I emailed them last week as I had my concerns after checking out their CH filings – Perhaps this prompted them to start liquidating. I was going to post something about them in the coming days voicing my concerns, it looks like they beat me to it. Their accounts indicated losses of £43k, £61k and £22k for the years 2013/14, 2014/15 and 2015/16 respectively – The falling loss in 2015/16 suggesting to me that sales had fallen off significantly. Further to this, it looked like they had pretty much no cash to continue trading.
Richard Hargreaves (director) is listed as a logistics manager/consultant on LinkedIn and this is the most prominent information about him, his role as director of Purple Harry looks very much a secondary concern. Dean Perry (the second director) has had a full time job working for Vigo Software ltd. since September 2016. Again, his involvement in Purple Harry seems very secondary.
As I mentioned, their bike floss product was my favourite and also their best, it makes me wonder what will happen to it after the liquidation – I will endeavor to find out and see if I can glean anything useful from the liquidators. If they’re like other companies I’ve emailed recently they probably won’t respond.