vVoosh Administration Sparks Debate Over Former Duchess’s Business Acumen

The recent collapse of vVoosh has ignited a heated discussion regarding the business acumen of a former duchess associated with the company. The firm was placed into administration last month, stirring questions about the decisions made during her involvement.

Background of vVoosh

Founded in 2010 by Manuel Fernandez, vVoosh aimed to create innovative solutions in technology. Fernandez, who previously held senior positions in sales, was often seen with the duchess at public events, including Sir Bob Geldof’s wedding in 2016. However, speculation about their relationship remained unfounded, as she clarified they were just “good friends.”

Financial Overview

Documents from the company’s administrator reveal that vVoosh raised approximately £9 million during its operational years. Notably, it received over £1 million in research and development tax credits from the UK government. Unfortunately, vVoosh struggled to launch its app due to legal complications with an Indian contractor.

Key Challenges

• Communication breakdowns among current directors and creditors.
• Fernandez, the co-founder, resigned earlier this year, leaving significant debt and unpaid amounts.
• vVoosh owes £50,000 to La Luna Investments, owned by Ms. Ferguson.

It is reported that vVoosh is owed £324,609 by a former director, believed to be Fernandez. Following the duchess’s divorce from Andrew Mountbatten-Windsor, her connections to the title diminished, impacting public perception.

Investor Support and Charitable Concerns

In a bid to protect the software platform, Mark Guzy, a US-based investor, has injected over £400,000 into vVoosh. The company’s initial pledge to allocate ten percent of its profits to charity has come under scrutiny. The Charity Commission has begun steps to remove the vVoosh Charitable Foundation from its register due to inactivity.

Investor Sentiment

The downfall of vVoosh resulted in significant losses for its investors, many of whom are small shareholders from Essex, London, and the United States. Amidst these developments, significant uncertainty remains regarding the recovery of funds for creditors following the company’s dissolution.

Additionally, HMRC has not provided comments on inquiries about the tax credits received by vVoosh. Fernandez maintains his innocence and claims he has not withdrawn any funds from the company amidst ongoing legal proceedings.