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Crippling debt


dukeboy749r
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I know it has been a fair while since I posted this up and resurrecting 'old' threads might not be the coolest thing going. But since so many thoughful people posted replies, I think it fair I update you all.

Firstly, a huge thank you to Booster. Whom without then there might not have been a follow-up (this time round).

Thanks to his ability I got myslef straight enough to keep going. In March 2008 I even managed to set up a Limited Company to look at commercialising an ultra thin - super insulation material. Well over the course of last year we raised £400k and made a numebr of prototypes.

This year we finished the money, and so are currently looking for about £150k to finlaise things whilst we also conclude the negotiations we have with three groups looking to invest up to £10m in the venture! Hard to believe that would be the case back then...

Although we are now short on working capital, I am trying to be positive - which in not being paid is hard to do, but some faith and a little bit of luck (or an angel) may allow us to reach that goal and bring this product to the half dozen customers we have identified - including the 2nd and 3rd largest white goods companies in Europe, the USA's largest vaccine shipment compnay etc.

If anyone does know of any angels in the meantime, I'm all ears!

Thanks for reading and although very rocky at times, the path has been upwards.

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Many thanks to those of you who have posted.

The first time I put this up in 2007 I felt ashamed and as Booster knows, maybe only a day or two from having something (house, car etc) to having (well the prospect at least) nothing.

I was (still am occasionally!) literally cr4pping myself.

We are close to the final ít works' product, so the abilty, whilst we finalise that and the negotiations with these big investors, to keep my head above water will be telling. No pay and creditors on your case is not funny.

Without my wife, daugther and our 10 month old, I'd have jacked this in way back then.

Oh and today - I was in court with my daughter, who until this morning was my step-daughter, but a judge signed off on the adoption papers and now she is all mine, legally as well as emotionally.

Good day!

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Without my wife, daugther and our 10 month old, I'd have jacked this in way back then.

Oh and today - I was in court with my daughter, who until this morning was my step-daughter, but a judge signed off on the adoption papers and now she is all mine, legally as well as emotionally.

Good day!

:grin: now there's some truly bonza news +++

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  • 3 weeks later...

Thanks to everybody who replied and or who read this thread.

We (my work and I) seemed to have succeeded, but given the state of banks and their lending criteria, it actually transpires we may fail.

Having come so close to realise a personal dream of mine (nearly six years) and in having developed what we thought would be a must-have product (insulation that at its maximum thickness is 5mm but behaves [for one comparison] like 500mm of Rockwool) with interest from some global companies - the lack of funds means that unless things change this week I may well end up going bankrupt.

I am hopeful that the company can and will survive, but the price I have had to pay and the risk I have brought to my wife and children may be too much.

Thank you all again

John

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Thanks guys - on a personal front I was with Norwich & Peterborough (they closed both my accounts last week) and the company is [still] with HSBC - but they tied the business to me personally and then when we went to RBS, Lloyds and Barclays all of whom also turned us down for the new Govt backed Loan Scheme.

It really is a viscious cycle. I am just gutted that had I not gotten so much debt for having been involved in this (the paradox) I would have enough to see us through!

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Sorry to read this Dukeboy. :(

It's never good giving up on a dream, but your family must come first, as you said. I don't know your story, and I'm probably stating the obvious, but have you considered selling off your business (what you have left) to a potential customer / competitor ? This way you'll at least get a few quid, and if you play it right, lose some debts too. Any chance you can patent your product to prevent others from picking up where you have run out of steam ? There's all sorts of government funding / loans available for new/small businesses, I guess you've gone down that route ?

There is always someone worse off that yourself, who knows, you might even feel relieved once the financial pressure your business is out of your hands. Chin up matey.

Good luck either way +++

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Thanks for the ongoing thoughts.

we did try everyone (from Carbon Trust who turned us down for a 'Green Grant' as whilst they ackowledged our technology could have 'profound' CO2 reduction capabilities, we were deemed 'too small' to be able to take the techology to a global audience), even local TECs have turned us down for being pre-revenue.

I want the business to succeed, so the other Directors will try and keep it going. we have filed International Patents and are confident that they will be granted -after all after six years I have not come up against anyone else offering similar technology with anywhere near our levels ofe performance.

Ironic really then that the UK Govt cannot help companies who themselves might klead Britain and the world in Green initiatives.

Makes you think why did I even bother?

Although I did and still do care and also for my family. The chance to do something signifcant that might mean we never have to worry about money again, the chance to have holidays (we had one week in Portugal in 2005 and one of my sisters paid ofr our honeymoon in Florida in 2007), well you get the idea!

Sorry to be bleating on, thousands like me are jus getting on with it. And so should I.

Thank you though, all again, and for help and offers of help I am most grateful.

Best wishes

John

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  • 2 weeks later...

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