There is a terrible irony that an organisation that advised small and growing businesses on how to be successful can itself fail.
We are extremely sympathetic to all creditors and member companies affected by this collapse, and believe that there are very serious questions to be asked about how this was allowed to happen given that it received a significant amount of support from the Welsh Assembly government to deliver those services. Coupled with this, companies entering its "high growth programme" were asked to pay £5,000, for which they were promised support and consultancy worth up to £40,000.
The Collective would like to know:
- How much money did Entrepreneur Action and its associated companies receive from the Welsh Assembly over its life?
- What remuneration did its management team receive in that period?
- Why was liquidation the only course of action available to the Board, and how did they allow the company's financial position to deteriorate to such an extent that this became the only option?
- What action is being taken to protect the interests of those companies which paid £5,000 but had not received the full extent of the support they were promised?
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