Our CEO Gavin explains why he has recently had to use a CD-ROM (so 90’s!) and also write the company’s first (and probably last) paper cheque!
Why a picture of a CD-ROM and a cheque book you ask? What can these items have to do with a digital-first InsurTech start-up? Am I feeling nostalgic for the 90’s? Have I been clearing out the attic?
Well, it’s neither of the above. This week I finally got round to filing our Companies House Confirmation Statement. For those of you lucky enough to not know what I’m talking about, this is a yearly requirement for companies to confirm to or update Companies House on their structure, governance and ownership. If you have changed the capital of the company, for example, by taking an investment then you would have to list the new capital and shareholders.
As you’re perhaps aware, honcho successfully raised £830k through crowdfunding ealier this year to launch our reverse-auction marketplace for car insurance. This was a fantastic result for us and increased our shareholders from 15 to 691 - an additional 676 shareholders that I would have to add to the Confirmation Statement.
So, I fired up the Companies House portal, followed the link to the online confirmation statement and went to add shareholders where I found a clunky form of about 6 fields to add a single shareholder. I looked for the upload multiple shareholders link and couldn’t find it. Cue a call to the Companies House helpline.
‘Please help, I can’t find your bulk shareholder upload link’, I said. ‘How many shareholders are you uploading’, I was asked. ‘700’ I replied. ‘700 HUNDRED????’ was the response. ‘Yes’ I said. I was asked to bear with them while they asked someone else. When they came back they said I should enter them individually on the web page, one at a time!!
Now whilst I’d love to waste my time in this fashion it doesn’t seem like a particularly good use of resource, so I asked if there might be some other way so that I could save a week typing into their website. Again, a delay while some mysterious overlord was consulted. ‘Good news’, was the answer. I could send a CD-ROM with an excel spreadsheet on it along with a paper Confirmation Statement and a cheque for £40.
So, earlier this week I was indeed in the attic looking for a CD re-writer for my PC and a blank CD-RW disc. Then I wrote a cheque for £40. The first cheque the company has ever written!
Welcome to 2018!