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Collapsed online agent Doorsteps owes more than half a million pounds to company creditors including Rightmove, HMRC and the Treasury, documents show.
Doorsteps, owned by Upside Capital, entered voluntary liquidation last month and the insolvency is being managed by practitioners Lee De'Ath and Thomas Gardiner.
A statement of affairs uploaded to Companies House this week shows Doorsteps has £538,786.88 worth of creditors.
The largest sum owed is £125,000 each to the Treasury’s emergency Covid support scheme the Future Fund and to one of its early backers Julian Mylchreest of Bank of America.
Rightmove is owed £83,400 and HMRC is owed £15,108.60, the document shows.
Its founder, Akshay Ruparelia, who stepped down as chief executive and director of the business last year, is also owed £1,297.03.
Mahesh Kotecha, the current director of the business is owed £55,000, according to the document.
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it would have been more interesting; had you have put the full/correct name of the company in the article. It would appear that the company's name is not 'Doorsteps' after all.
I remember reading lots of articles stating multi millionaire young Mr Ruparelia was going to be the next generation of entrepreneur billionaires. What a joke these only online agencies are.
So how did RM allow that size debt accrue? I guess we'll all be paying it off through higher fees.
Something fishy here - they raised a lot of capital, yet it disappeared in a puff of smoke. I'm amazed that Julian Mylchreest from BoA got sucked in. The two names above have an appaling business record.
Look forward in vain to Watchdog / One Show saying how there is more to selling property than being on Rightmove
Well what a surprise - what did the clearly green necked investors expect. This business just goes to shows you really do get what you pay for. Property owners are lazy with their equity but very tight on upfront costs - happy to pay 1% to 2% on completion but ask for £300 upfront for a marketing contribution and its another story. This is simple human psychology.
Yet another ‘game changer’ going to the wall. Maybe PB next?
Is there a surprise here?
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