Your Saturday Daily News Digest

by Shane Stokes

May 20, 2017

In today’s edition of the Daily News Digest: Gaviria nets fourth victory on stage 13 of Giro d’Italia; Garfoot continues Orica-Scott’s success in Emakumeen Bira with stage 3 win; Weening wins stage 3 of the Tour of Norway; Evtushenko wins stage 1 of the Vuelta a Castilla y Leon; Pirazzi and Ruffoni sacked by Bardiani-CSF team after confirmation of B-sample positive; Battered and bruised, Thomas quits Giro d’Italia; Van Garderen: I don’t know why it is not working; Nicky Hayden in ‘extremely critical’ condition following Wednesday’s bike crash; Ullrich resigns from Rund um Köln position; Vulpine – what went wrong?; Belda positive for EPO; Video: Giro d’Italia Backstage Pass – Stage 13 Pre Race; Video: Sagan and the fans at the Amgen Tour of California

Vulpine – what went wrong?

by VeloClub

The news earlier this month that the Vulpine clothing brand was going into administration came as a shock to many, particularly after a crowdfunding campaign which had smashed expectations and raised £1 million. BikeBiz.com has taken a hard look at the story, and it makes for tough reading.

Here’s an excerpt:

Described in a 2015 company press release as a “go faster entrepreneur” in charge of a brand that “continues to grow at an impressive rate” Hussey was, in fact, in charge of a company that had lost the confidence of its first angel investors and board members.

Hussey needed new money, and fast. In October 2015, he launched on the crowdfunding investment site Crowdcube hoping to raise £500,000. He told the “crowd” investors: “The reaction to our CrowdCube investment offer has been an amazing vote of confidence in what we are doing … Please do let you friends, family and colleagues know about this deal, so that together we can get fully funded super fast and get on with the business of making us even better!”

A week later the brand had raised over £1m. Yet still the losses racked up – £770,000 of losses. Earlier in the year new hires managing director Jonathan Baker and financial director Irfan Harris left the company “by mutual consent”, and Hussey stripped out other costs too in the hope of keeping the business afloat.

Click through to read the full story on BikeBiz.

 

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