Quote:
Originally Posted by OLD BOY
True, but Rach’s budget was the final straw, no doubt.
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Hochanda Global Ltd ran out of cash as the company had never made any money. It was found to be insolvent in August 2024.
The acquisition of Create and Craft in 2022 increased turnover but also increased losses. The founders quit in December 2023 and the new owners couldn't turn the business around.
As a bit of background, Hochanda Global Ltd itself acquired the assets of a company called Hochanda Ltd which had also gone to the wall.