The fast-rising Gripit Fixings brand, famous for its successful appearance on Dragons’ Den and gaining the backing of Deborah Meaden, has brought in an insolvency practitioner as the firm has come into financial difficulties.
Founder Jordan Daykin’s connection to the company has been severed “for a number of reasons” according to a letter sent to shareholders (shared on Crowdcube), which warned the business was looking at its options: “Without a substantial cash injection, the company is not able to trade into the future or deliver on its growth plans.”
The BBC received confirmation that Deborah Meaden is still an investor in the company. The news site said the company was valued at £22.5 million in January and had raised £4 million from investors. However, by the time of its last, unsuccessful, fundraising round, it was valued at £6 million.
A sale has not been ruled out as UK Building Products, trading as Gripit Fixings, seeks a route to remaining in business.
Until now the brand, formerly headed by Daykin, had appeared to have a largely untroubled route to success. Twice the brand successfully found investment on crowd funding site Crowdcube. It was in 2013 that founder Jordan Daykin scored £80,000 investment on the BBC show. Since then, the brand has found its way into the globe’s biggest DIY stores, including Bunnings in Australia and NZ, and Home Depot in the US, as well as B&Q and Screwfix in the UK.
There’s more on the story on the BBC.