Ben KingBusiness reporter
A lifestyle app backed by Sarah Ferguson received more than £1m of taxpayers’ money but collapsed without ever launching a product, according to documents filed this week.
vVoosh was founded by Manuel Fernandez, a close friend of Ms Ferguson, who once described herself as an “ambassador” for the company and was an investor.
It promised to give users “the power to Find, Plan, Share, Live, and Remember all the things you love to do – and those you’re yet to try.”
Ms Ferguson and Mr Fernandez did not respond to requests for comment.
vVoosh was put into administration last month – and its failure will raise further questions about the judgement of the former duchess and the business relationships she pursued.
Over the years the company raised approximately £9m, including more than £1m from the UK government through research and development tax credits, according to documents filed by the administrator.
It paid teams in the UK and then India to work on the app, but never launched it, and so had no income to fund further development.
Progress on the app stopped when the Indian contractor threatened legal action.
The administrator’s report describes a “breakdown in communication between the current directors/major creditors and the founder [Mr Fernandez], who ceased communication following [his] resignation as a director earlier in the year”.
The report says that the company is owed £324,609 by a former director. This is believed to be Mr Fernandez, who is the only director
Read More