From £6.99 per month
ShareProphets
The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares

MINDING THE LSE’S BUSINESS

Join for as low as £6.99 per month

With ShareProphets’ membership, you receive:

• All premium articles

• Tom Winnifrith’s Bearcast

• Access to all the entire nearly 10 year archive

• ShareProphets Daily Newsletter

Drive Software – Problems mount for Julie “under criminal investigation” Meyer MBE

By Tom Winnifrith | Monday 19 April 2021


 


For Ms Lingerie on Expenses MBE things go from bad to worse. As the FCA Criminal Investigation into her alleged misuse of client funds cranks up, as demonstrated HERE, at Drive Software, the company she owns and claimed was Tesla meets Fitbit, it looks ever bleaker with a crash landing in tits up alley now only a matter of time.


As I noted the other day, Ms Meyer has been forced out of the shadows by her bust up with former business partner Rene Eichenberger and so now appears at Companies House as a director of a firm which, as I showed here, is clearly insolvent.  But it gets worse…


It seems that in order to stay afloat, or perhaps to protect assets for Ms Meyer ahead of an inevitable administration, the company has done a former of sale and leaseback on its own IP. So this is now a software company owning no software which makes it worth pretty much worthless. Moreover the company continues to hemorrhage staff, clients and cash.


A source close to the company says it has just lost its sales director who had worked there for 18 years and headcount, 35 when Meyer took control, is now down to 10-11.  Worse still, Drive’s biggest customer by a long chalk, TCH Leasing has recently moved to a rival system which, I guess, will reduce Drive’s annual turnover by more than £100,000. All of the remaining customers are FCA  regulated so must surely be considering whether to move system provider given the criminal investigation by the FCA into Ms Lingerie on Expenses.


It does not look good at all.

This story is available to all readers
ShareProphets is reader-supported journalism

Become a member starting at £6.99 per month for all articles, the Bearcast, and our seven year archive.


Filed under:


Subscribe to our newsletter

Daily digest of our latest stories.



Search ShareProphets

Market News

Complete Coverage

Recent Comments

That Was the Week that Was

 

CTAI

Catenai – monster dilution

Time left: 21:29:13