Jellybook cash shell racks up £300,000 loss
JELLYBOOK, the Aim-listed investment company focusing on social media start-ups, has clocked up a £300,000 loss in its first 10 months as a company and failed to make its promised acquisitions.
The vehicle, run by Jonathan Rowland, son of the property tycoon David “Spotty” Rowland, raised more than £11m in June 2011 to tap into the growing frenzy for social networking.
Investors, however, are yet to see any benefits, with the company reporting a £295,000 loss in the 10 months to 31 December, including start up expenses of almost £200,000.
Rowland said the board had reviewed a number of potential acquisitions but the majority “were not of a suitable size and scale”.
“The social media sector continues to demonstrate extremely strong growth despite the wider economic uncertainties and the number and range of potential investments is expanding commensurately.”