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Sarah Ferguson's Backed App Collapsed After £1m Public Funds
6 Dec
Summary
- Lifestyle app backed by Sarah Ferguson collapsed before launch.
- The venture received £1m in UK government research tax credits.
- Founder resigned and reportedly left the country after ceasing communication.
A lifestyle application associated with Sarah Ferguson has collapsed into administration, having never officially launched. The venture, founded by Manuel Fernandez, reportedly secured £9 million in total funding, including £1 million from UK government research and development tax credits.
Despite employing teams in both London and India, the company reportedly ran out of funds necessary for continued development. The situation was exacerbated by a breakdown in communication between the major creditors and the founder, who had resigned as a director earlier in the year.
Fernandez, who had previously been pictured with Ferguson at numerous high-profile events, is understood to have resigned from the company and subsequently left the country. The company's charitable arm is also under scrutiny from the Charity Commission for failing to file financial reports.
