Gin Bond 2 Holders: I am formally REJECTING the CVA proposal
Discussion
Hi everyone,
I’m writing this because, like many of you, I invested in Gin Bond 2 and I am deeply concerned about the proposed CVA (Company Voluntary Arrangement) from Glug-Glug Ltd.
I’ve spent some time looking into the details and the news coverage, and I’ve decided to formally reject the "debt-for-equity" swap. To me, this proposal feels like a way to wipe out retail debt while the brand continues to trade, effectively forcing us to take a 95% "haircut" on our cash.
I have just sent my formal rejection to the administrators (Leonard Curtis). Here are the key points I’m raising—please feel free to use these if you are planning to lodge your own objection before the May 7th deadline:
Imminent Maturity: My Bond reaches legal maturity on 5 August 2026. I’m not willing to accept a total loss on a £500 principal that is due in cash in less than four months.
The Parent Company Guarantee: I am explicitly refusing to release the parent company (Craft Clubs Ltd) from its obligations. Since the parent company intends to keep trading, they remain liable for the debt.
Default on Interest: I’m already owed £20 in accrued interest. I’m demanding this be paid in cash, not converted into shares in a distressed company.
The "Dragon's Den" Factor: Many of us invested because of the public backing of the board, including Sarah Willingham. I’ve copied her office into my objection because I believe wiping out retail investors while the brand "pivots" is a massive breach of that trust.
A recent article in Business Matters reports that the board is trying to swap £4.2m of investors debt for just 18% equity:
The Express notes they are already planning a pivot into "rum" while asking investors to take the hit.
The creditors' meeting is tomorrow (30 April) and the final decision is 7 May. If we don't speak up now, we’re essentially handing over our investment for "illiquid" shares that might never have value.
Is anyone else planning to reject this? I’d love to hear how others are handling their Proof of Debt forms.
I’m writing this because, like many of you, I invested in Gin Bond 2 and I am deeply concerned about the proposed CVA (Company Voluntary Arrangement) from Glug-Glug Ltd.
I’ve spent some time looking into the details and the news coverage, and I’ve decided to formally reject the "debt-for-equity" swap. To me, this proposal feels like a way to wipe out retail debt while the brand continues to trade, effectively forcing us to take a 95% "haircut" on our cash.
I have just sent my formal rejection to the administrators (Leonard Curtis). Here are the key points I’m raising—please feel free to use these if you are planning to lodge your own objection before the May 7th deadline:
Imminent Maturity: My Bond reaches legal maturity on 5 August 2026. I’m not willing to accept a total loss on a £500 principal that is due in cash in less than four months.
The Parent Company Guarantee: I am explicitly refusing to release the parent company (Craft Clubs Ltd) from its obligations. Since the parent company intends to keep trading, they remain liable for the debt.
Default on Interest: I’m already owed £20 in accrued interest. I’m demanding this be paid in cash, not converted into shares in a distressed company.
The "Dragon's Den" Factor: Many of us invested because of the public backing of the board, including Sarah Willingham. I’ve copied her office into my objection because I believe wiping out retail investors while the brand "pivots" is a massive breach of that trust.
A recent article in Business Matters reports that the board is trying to swap £4.2m of investors debt for just 18% equity:
The Express notes they are already planning a pivot into "rum" while asking investors to take the hit.
The creditors' meeting is tomorrow (30 April) and the final decision is 7 May. If we don't speak up now, we’re essentially handing over our investment for "illiquid" shares that might never have value.
Is anyone else planning to reject this? I’d love to hear how others are handling their Proof of Debt forms.
towny53 said:
I m writing this because, like many of you, I invested in Gin Bond 2 and I am deeply concerned about the proposed CVA (Company Voluntary Arrangement) from Glug-Glug Ltd.
I'm not sure many of us do invest in outfits with names like Glug-Glug Ltd but good luck with your case. Anything called 'Gin Bond' reeks of high risk; the good news is that you only staked £500.It's summarised well at https://forums.moneysavingexpert.com/discussion/63...
I'm here all week. Try the quiche... etc.towny53 said:
Hi everyone,
I m writing this because, like many of you, I invested in Gin Bond 2 and I am deeply concerned about the proposed CVA (Company Voluntary Arrangement) from Glug-Glug Ltd.
I ve spent some time looking into the details and the news coverage, and I ve decided to formally reject the "debt-for-equity" swap. To me, this proposal feels like a way to wipe out retail debt while the brand continues to trade, effectively forcing us to take a 95% "haircut" on our cash.
I have just sent my formal rejection to the administrators (Leonard Curtis). Here are the key points I m raising please feel free to use these if you are planning to lodge your own objection before the May 7th deadline:
Imminent Maturity: My Bond reaches legal maturity on 5 August 2026. I m not willing to accept a total loss on a £500 principal that is due in cash in less than four months.
The Parent Company Guarantee: I am explicitly refusing to release the parent company (Craft Clubs Ltd) from its obligations. Since the parent company intends to keep trading, they remain liable for the debt.
Default on Interest: I m already owed £20 in accrued interest. I m demanding this be paid in cash, not converted into shares in a distressed company.
The "Dragon's Den" Factor: Many of us invested because of the public backing of the board, including Sarah Willingham. I ve copied her office into my objection because I believe wiping out retail investors while the brand "pivots" is a massive breach of that trust.
A recent article in Business Matters reports that the board is trying to swap £4.2m of investors debt for just 18% equity:
The Express notes they are already planning a pivot into "rum" while asking investors to take the hit.
The creditors' meeting is tomorrow (30 April) and the final decision is 7 May. If we don't speak up now, we re essentially handing over our investment for "illiquid" shares that might never have value.
Is anyone else planning to reject this? I d love to hear how others are handling their Proof of Debt forms.
QFPI m writing this because, like many of you, I invested in Gin Bond 2 and I am deeply concerned about the proposed CVA (Company Voluntary Arrangement) from Glug-Glug Ltd.
I ve spent some time looking into the details and the news coverage, and I ve decided to formally reject the "debt-for-equity" swap. To me, this proposal feels like a way to wipe out retail debt while the brand continues to trade, effectively forcing us to take a 95% "haircut" on our cash.
I have just sent my formal rejection to the administrators (Leonard Curtis). Here are the key points I m raising please feel free to use these if you are planning to lodge your own objection before the May 7th deadline:
Imminent Maturity: My Bond reaches legal maturity on 5 August 2026. I m not willing to accept a total loss on a £500 principal that is due in cash in less than four months.
The Parent Company Guarantee: I am explicitly refusing to release the parent company (Craft Clubs Ltd) from its obligations. Since the parent company intends to keep trading, they remain liable for the debt.
Default on Interest: I m already owed £20 in accrued interest. I m demanding this be paid in cash, not converted into shares in a distressed company.
The "Dragon's Den" Factor: Many of us invested because of the public backing of the board, including Sarah Willingham. I ve copied her office into my objection because I believe wiping out retail investors while the brand "pivots" is a massive breach of that trust.
A recent article in Business Matters reports that the board is trying to swap £4.2m of investors debt for just 18% equity:
The Express notes they are already planning a pivot into "rum" while asking investors to take the hit.
The creditors' meeting is tomorrow (30 April) and the final decision is 7 May. If we don't speak up now, we re essentially handing over our investment for "illiquid" shares that might never have value.
Is anyone else planning to reject this? I d love to hear how others are handling their Proof of Debt forms.
I'm always intrigued by the weight people attach to the word "Bond", as if it's some sort of cast-iron guarantee.
It's at best a fixed-interest savings account. At worst it's some sort of pyramid/snake-oil scheme.
edit,
Googling the first sentence of the OP's post shows they're pasting that boilerplate in multiple forums, eg,
https://forums.moneysavingexpert.com/discussion/66...
It's at best a fixed-interest savings account. At worst it's some sort of pyramid/snake-oil scheme.
edit,
Googling the first sentence of the OP's post shows they're pasting that boilerplate in multiple forums, eg,
https://forums.moneysavingexpert.com/discussion/66...
It was very good of you to give us a laugh at your expense.
Clearly a drastic revision of your investment strategy is required.
Having this week received a quarterly dividend from just one company for £2,000, my suggestion to you would be;
concentrate on big, boring and hugely profitable companies. Much safer that way
I don't think glugglug ever made any pre-tax profit, so the first warning leaps out immediately.
You would have done better with a building society savings account.
Although cash and cash equivalents always come with the guarantee of losing money long-term,
at least you would only lose steadiy (inflation) and not all in one go.
CVAs usually require the approval of 75% (by debt value) of the creditors.
Therefore you need to find 26% to vote against.
Even that would not help get your £500 back though.
Badda said:
Jon39 said:
Having this week received a quarterly dividend from just one company for £2,000, my suggestion to you would be;
Simply part of encouragement, for any newbies reading, to think about serious investing.
Obviously no quick rewards, but patience should eventually result in a considerable compounding effect.
On PH there seems to be talk about 'quick in, see some profit, then out'.
It is good fun, but the word gambling comes to mind.
Initially, I too mistakenly thought that was a good strategy.
There appears to be minimal financial guidance in schools, and there must be so many people going through life, never knowing anything other than savings accounts. Providing their money for lenders to make a profit.
shtu said:
Googling the first sentence of the OP's post shows they're pasting that boilerplate in multiple forums, eg,
https://forums.moneysavingexpert.com/discussion/66...
And got exactly the same responses!https://forums.moneysavingexpert.com/discussion/66...
I've got a bottle of gin in the cupboard - wonder how many times I can sell it? Ah yes, I shall issue bonds and say 'up to 8% interest'
IMHO anything that says 'UP TO x% interest' says 'run away'.
davek_964 said:
Did you randomly decide to create a new account on a car forum to post this for some reason?
I've read the OP a couple of times now because something doesn't sit 'right' and I couldn't figure out what. I still can't but I am 95% certain that this is an Ai generated post. To what ends I don't know but it seems assumptive, unusually correct in terms of the written word but mostly so weirdly random.Gassing Station | Business | Top of Page | What's New | My Stuff