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Failed Sarah Ferguson-backed app took £1m taxpayers' money
vVoosh collapsed after raising £9 million including over £1 million in UK tax credits, leaving creditors uncertain about recoveries and the related charity inactive, administrators said.
- Last month, vVoosh was placed into administration after collapsing without launching, with documents filed this week revealing it raised nearly 1million pounds, including over 400,000 from UK R&D tax credits, according to filings.
- The administrators' report states the app stalled after an Indian contractor threatened legal action, and communication broke down following Manuel Fernandez’s resignation as director earlier in the year.
- More than 60 small shareholders, many in London and Essex, and one American investor, Mark Guzy, who invested over 400,000, are listed; 2019 accounts show 1.28m gross income and 18,240 charitable spendings.
- The administrators said there is significant uncertainty over creditor recoveries, the Charity Commission has begun removing the vVoosh Charitable Foundation, and HMRC declined to comment on R&D tax credits.
- Her collapse follows other troubled ventures, including a crypto-mining firm tied to a failed deal that paid her 1.4m, raising questions about her business ties.
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BBC: Failed Sarah Ferguson-backed app received £1m taxpayers’ money | ResearchBuzz: Firehose
BBC: Failed Sarah Ferguson-backed app received £1m taxpayers’ money. “A lifestyle app backed by Sarah Ferguson received more than £1m of taxpayers’ money but collapsed without ever launching a product, according to documents filed this week.”The post BBC: Failed Sarah Ferguson-backed app received £1m taxpayers’ money first appeared on ResearchBuzz: Firehose.
Coverage Details
Total News Sources7
Leaning Left1Leaning Right2Center1Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 25%
C 25%
R 50%
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