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Just wondering if anyone has had any dealings or any other interactions with any of the above recently?
The reason I ask is that I invested a small but not insignificant amount into an East Eight development last year via Simple Crowd Funding. The many small investors like myself were told that we would be kept updated via a monthly newsletter and occasional site tours.
The above had all been working fairly well but on the 28th of last month I received an email supposedly from the Investor Relations Manager at East Eight saying that she was leaving the company but we would still receive project updates, the next of which was due on September 5th.
September 5th came and went with no monthly update or any other comms from East Eight so on September 7th I replied to the above email from the Investor Relations Manager (as in the final email it said that the email address would still be monitored) but I received no reply.
On September 14th I emailed East Eight again on a generic East Eight email address and later that day received an email saying ‘The monthly update will be sent to our investors shortly’. After still not hearing anything by Wednesday 19th, I replied asking how long ‘shortly’ might be but have not received any further comms.
Unfortunately, I don’t have time for social media but I added Nicole on LinkedIn on Thursday along with a message asking for an update but have not received anything, I can only see that the ‘connection’ was accepted. I know that Nicole was/is a PT member. Nicole, if you read this, please could you contact me asap regarding what’s happening here?
I’ve tried contacting Simple Crowd Funding via phone which just goes to voicemail and no one ever calls back and I’ve tried emailing them but I never seem to get replies from this company.
Maybe some other members of the PT community are closer to what’s going in here? Please share any info as I feel totally out of the loop as to what’s going on here now.
I'm connected with her on Facebook. I heard her at a PIN meeting. You could try contacting her via Facebook as well as LinkedIn.
It must be slightly concerning that you have to resort to social media to get some contact from Nicole and Simple CF.There was a kind of up-date by Vanessa on this thread ... (*Link inserted by moderator*) - don't know how to add links so cut and paste into new browser.I know Nicole is very linked with John Corey in the CF community, so you could try contacting him? She also speaks at, and runs events around the country so perhaps pop along to one of those to speak to her in person if you can't get any further contact?Good luck and let us know how you get on in finding out what has happened to your investment and if all is on course.
Good spot with that link BMV. Very interesting.
Is the Investor Relations Manager you refer to Jane Scroggs? On both LinkedIn, Twitter, and also East Eight website, she is still listed as being in this position - so three sites that have not been up-dated to say otherwise, including Nicole's own website. Maybe she didn't leave after all?Have you tried phoning the East Eight office?
Thanks all. Thanks Hugh.
Yes, the investor relations manager is/was Jane Scroggs. I was going to keep her name out of this thread just in case there is something untoward happening here and she has left to distance herself from such but I guess if her name is still out there and linked to the above then it's already out there :-).
I don't have a number for the East 8 office. If anyone does have a number please share it.
Hi I would imagine this is stressful for you but I am only an onlooker but have you never visited or rang the company when you first went into this venture?
It sounds to me as if you are relying too much on trust here
I know if I was to invest like this I would need meetings with the individuals who run the ventures before I parted with cash
Out of interest what made you invest in the venture to start with?
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
When you crowd fund with people there is always a certain amount of trust. I invested with Nicole/East 8 based on their online reputation, which, let's be honest, in today's world your online reputation is everything. They seemed to come from almost nowhere and take the property world by storm. They spent a lot of time effort and probably money in building their 'online brand' and people were falling over themselves to pour cash into their developments.
There were a few things that made me invest. In no particular order;
1 - Decent rate of return
2 - Fairly short turn around (around 18 months)
3 - Very good online presence. They seemed to be working with and endorsed by some fairly big names in the industry.
4 - You could invest fairly small amounts of money in their projects so therefore diversify your risk
I've had face-to-face contact with Nicole, Jane Scroggs and Davin from SimpleCrowdfunding a few times but am unable to contact any of them at the moment. I know that SimpleCrowdfunding are just an intermediary here and they do stress that 100% of your capital is at risk but I have no idea why they don't return my calls of reply to my emails.
How was the development progressing til you received your last update? Just a curiosity.
Were timing, cost, expected GDV etc etc according to plan when you invested?
The last update didn't raise any concerns. I did notice that the estimated completion date at the top of the update seemed to have slipped back a bit (originally October 2018 then it changed to the end of 2018) and I don't remember seeing anything in the body of the update giving reason for this just the words 'We remain on schedule', I saw that as a minor thing though.
I did however have doubts about the newly revised timeline though as apparently, in early August they still weren't out of the ground and these are/were due to be high spec townhouses.
Now you made me even more curious - apart from hinting of a delay from Oct/2018 to Dec/2018, how deep was the tenor of the monthly update?
Was it reported any off-plan sale and how structured was the sale? (you would expect some unit sold off-plan 3-6 month before the completion of the development itself)
Was the report detailing the cost vs the budget (real vs budgeted), the bank instructed monthly quantitative surveyor report etc any other one off happening, info etc?
Basically, how deep was the monthly report - for my curiosity.