No names - no pack drill to protect the innocent, but prompted to write this because while it is sad, I don’t like history to be rewritten.

The official statement reads that it has declared bankruptcy because of “poor economic conditions since Covid and increased costs and delays associated with expansion plans.”

Sure - and - it was clear when I talked to them that the company had a difficult route even before Covid. Capital investment needed was massive to deliver the physical spaces needed to conduct the business, meanwhile the funding being raised was easily an order of magnitude too little to deliver on the promise.

Covid might have accelerated the demise but it was plain for anyone to see with even a tad due-diligence, which continues to remain in short supply.

Not only that …

“The group had one facility and was in the process of setting up two larger ones in xxx and xxx, while also developing an online app that would …..”

It’s over 2 years since I last talked to them - but at that time they were ‘working on an app’. How long does ‘an app’ take?