A second crowdfunding pitch for TV channel Property TV has been pulled within months.
Property TV, which is viewable on the Sky platform, emphasised that this will make no difference to its future.
It had reached 58% of its £100,000 target, which it says would have helped pay for marketing and content.
However, crowdfunding website Seedrs has now pulled the pitch, it was yesterday confirmed by Property TV co-founder Michael Hammond.
The company, which launched this summer, had an earlier crowdfunding pitch pulled by another platform, Crowdcube, in the spring.
That fund had attracted a potential £320,000 in investment, exceeding its target by 58%.
However, the cash was never collected from investors after Crowdcube pulled the pitch. It explained to would-be investors: “After the close of the Property TV pitch, issues about the management of the company came to light that we felt materially affected the pitch.
“Following enhanced due diligence, Crowdcube has made the difficult decision to cancel the pitch and not to collect investors’ money.”
It went into no further detail and did not clarify its concerns and to whom these related.
Ben Rogers, co-founder of Property TV and former estate agent, was declared bankrupt on May 5 owing money to people following a succession of property investment businesses.
According to the Companies House website, Rogers has been director of four other property TV ventures, all of which he has left.
On his LinkedIn profile, Rogers says: “I’ve invested in the property industry since the ‘turn of the century’ and have pretty much done everything property related apart from invest overseas.”
However, despite the latest crowdfunding being pulled, co-founder Michael Hammond told EYE yesterday that the future of the firm was not in doubt.
He said: “The crowdfunding was for marketing and content: it does not affect the viability of the company whatsoever.
“Since launch in June the company has exceeded our expectations. We already have around 150,000 viewers tuning in every day and the company is going from strength-to-strength.”
Hammond would not confirm if Property TV would be looking for crowdfunding for a third time.
Seedrs has not responded to requests for a comment.
Programmes on the channel include Sarah Beeny’s Restoration Nightmare and Dream Homes, plus specially made programmes for the Tenant’s Voice which feature appearances by ARLA.