New accounts for LD Lovin Dublin Ltd show that it recorded a profit of ā¬48,461 in 2016 and this followed a loss of ā¬112,103 in 2015. Numbers employed by the company increased by 50pc during the year, going from 10 to 15.
They seemed to be losing money well before 2015 , ā¬350k is there retained losses
OāNeill bought his original 40% of the company for ā¬500k.
They must have had a savage 2017 for a valuation of 3m to be found.
Or Emmet goes to the same Corporate Finance advisors as his uncle.
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If Iām arsed I might look at the filings later to see how much Harbo actually invested in it.
Werenāt they working with volunteers bloggers for a while?
Accumulated losses donāt really matter here, we just need to find out how much Harbo put in and if he ever took a salary. Itās not impossible he did take ā¬1m out between the first sale to OāNeill and this sale.
ā¬1m less costs for four years work. Itās not bad but thereās plenty of people whoād be making ā¬250k a year for pushing paper and going to meetings so itās not exactly Collison brother territory either.
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Harbo was never in it for the money mate. If he was heād be in Silicon Valley making billions
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He took little to none in salary. One year (2016) thereās reported 30k in directors pay- not necessarily him.
Thereās a loan from him there for 125k in 2014 and 2015, which isnāt reported in 2016 but creditors have increased substantially.
Over a hundred K or so was put in at the start.
Also a 3m valuation doesnāt necessarily mean he got 1m does it? As a minority shareholder youād be discounted.
Yeah. This is a sad use of my lunch break but it looks like Harbo put in ā¬25k in equity and ā¬125k in the form of a loan. From what I can see his share of the equity was only 6% based on December 2016 numbers. Heād been diluted by OāReilly, Heaslip and some other punters. Likewise canāt see that he paid himself anything either.
What fueled his lifestyle so?
He did well selling Simply Zeisty and wrote that amazing book.
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If he owned 6% of a company valued at 3m, he has got fuck all out of this and probably lost a lot of money after considering he didnāt take a wage.
Thatās just my rough estimate. Overall it looks like ā¬418k was invested in the company via equity. From the filings I can see, Harbo only put ā¬25k of that in.
Letās say he gets his 125k back off the top.
Whatās 6% of 3m equity value at a minority discount? 60-100k?
Less than a hundred K profit after not taking salary for years.
Iām guessing there was some debt for equity swap to get him up to a third during 2017.
300-500k back maybe? Itās a profit after taking away his investment but not a whole lot after you consider salary.
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He also hadnāt that much behind him after his original ābigā deal.
Harbison was one of several shareholders in Simply Zesty. In the book he states that he was due to receive ā¬546,780 cash after the UTV deal closed. āI had ā¬400 in my bank account and a credit card that has 1,200 left before maxing out,ā he writes.
There was an earn-out of potentially up to 3.6m but it only realised 240k, of which he would only have received less than 50%.
Youāre not taking into account all the free burritos. You canāt put a price on that.
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Presume this clown has family money behind him?
Another great day for the TFK Corporate Finance House.
Expect this to be a scoop in The Phoenix next weekend.
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He is very adept at getting around a grant form.
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