Christmas deliveries for thousands of customers are at risk after Farmdrop, the upmarket grocery website, stopped trading.
The company has told its reported 10,000 customers on Thursday that it is closing permanently.
Deliveries have now stopped. Farmdrop’s closure risks disrupting festivities as many customers are likely to have ordered their Christmas dinners through the website.
The business has logged a notice of intention to appoint administrators at the High Court, typically a precursor to an insolvency process, after it failed to raise emergency cash.
Given current investing fancies you’ve really, really, got to have a dog on your hands to not gain finance:
Founded in 2012 by Ben Pugh, a former stockbroker at Morgan Stanley, Farmdrop had been backed by high-profile investors including Atomico, the London VC fund founded by Skype co-founder Niklas Zennström, and Zoopla founder Alex Chesterman.
Seriously, should be able to gain cash if you’ve got that roster.
It posted sales of £11.8m in its most recent set of accounts, up from £5.4 in 2019, and narrowed its lossed from £11m to £9m.
Ah, it was a right dog. The problem with having investors who know what they’re doing is that your investors know what they’re doing….