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Ex-Duchess's Firm Collapses, Millions Lost
6 Dec
Summary
- vVoosh collapsed last month owing creditors £9m.
- Company's unlaunched app stopped development due to disputes.
- Charity arm faces removal from register for non-operation.
The failure of vVoosh, a tech company co-founded by Manuel Fernandez and linked to Sarah Ferguson, has led to its administration last month. The firm raised around £9 million, including government tax credits, but never launched its intended app. Progress halted due to issues with an Indian contractor and a breakdown in communication following Mr. Fernandez's resignation as director.
The administrator's report highlights significant debts, including £324,609 owed by a former director, believed to be Mr. Fernandez, who has reportedly left the UK. vVoosh also owes £50,000 to Ms. Ferguson's company, La Luna Investments, which held shares. The company's charitable foundation faces deregistration for non-operation and overdue reporting.
Significant uncertainty surrounds the recovery of funds for creditors, with over 60 small shareholders affected. An American backer has invested to preserve the company's software platform, its primary remaining asset. Ms. Ferguson's business relationships are under scrutiny following this and previous venture failures.
