Any proceeds from the company administration will be distributed to the company’s creditors according to priority.”
"A crowdfunding campaign to secure private investment to match further capital from the development bank failed to reach its target and as a result the business has entered voluntary liquidation. "The investment was to support the development of its platform to resell second hand clothes, extending the life of fashion garments and reducing their environmental impacts. In a statement the development bank said “In June 2020, the Development Bank of Wales made a six-figure seed equity investment into Loopster alongside a number of business angels. The business had sold more than 12,000 clothing items since launch and was projecting to be become a multimillion-pound turnover business having seen revenues growing 400% over the last year. The 160 projects in Wales sharing £46m from UK Government levelling up funding.The new equity fund for Wales and latest investment deals to support the growth of SMEs.Providing clothing from sellers met the quality threshold, Loopster then sold them on at a quarter or less of new high street prices. Longer term it also had plans to sell men’s clothes. The development bank said that provided Loopster had secured £500,000 private backing via Crowdcube it had agreed to put in further investment.Īfter starting selling second half designer children’s clothes, last year Loopster added womenswear.
#Loopster uitwerpselen full
If the full amount is not raised any amount under that cannot be secured.Īfter failing to reach the funding target, its directors put the business through. Loopster recently sought to raise a further £500,000, but fell short of the target via the Crowdcube funding platform having secured pledges of just under £400,000. To support its scale-up plans in 2020 it secured a seed funding round of £500,000, which included a £250,000 equity investment contribution from the Development Bank of Wales - the investment bank wholly-owned by the Welsh Government. Newport-based Loopster was launched in 2017 by Jane Fellner. A second-hand clothing online business, backed with a six-figure equity investment from the Development Bank of Wales, has collapsed.
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