A year ago, the Standard interviewed Arsenal star Jorginho about a new investing app called Gather that he had acquired a stake in. Jorginho took aim at his colleagues on the pitch, suggesting they spend too much of their wages on sports cars and flashy watches – and should get into investing instead. “I can see so many young people, not just players, waste their money, so I’d like to be someone who can try and help somehow,” the 32-year-old said. “I’m not saying I make the best decisions but I’m a bit older and I’ve seen a few more things than they have.” But fellow Arsenal footballers may be less keen to heed Jorginho’s advice going forward. Barely a few months after his investment, Gather has been put into administration.Administrator documents filed last week showed the company had assets of £550k and owed creditors a bit under £7 million, including a £3.6 million loan to the state-owned British Business Bank. The loan was unpaid when it hit maturity, and BBB demanded repayment. When none was forthcoming, BBB issued a notice of default and then a winding-up petition in the High Court. Apparently, Gather execs “did not appreciate” that BBB would expect repayment, and assumed the loans “would convert automatically” into equity. The company also owes £1.8 million to an investment firm controlled by ex-Lehman Brothers banker Rahul Shetty, and have racked up over £100k in unpaid fees to glamorous coworking space Soho House. Gather is adamant that it can turn things around, however. The company said it has already had expressions of interest from investors and “has other potential avenues of revenue” to explore including “a platform maintenance fee of 0.03% per month” - doesn’t sound like a cash cow - and “ticket sales at community events”.
There is also “the intention” to charge subscription fees of “£4.99 a month from September then £9.99/ month from 2025 to give access to educational material.” That’s especially strange given that on its website Gather boasts: “Subscription fees: None. Zip. Nada. Zilch. Nothing. Zero. Nihilum.” Which is about as much as BBB has got back from them.
Gather did not respond to a request for comment.
