Whilst the Chancellor of the Exchequer got quite excited some of the UK press commented that "Nutmeg is nothing special in technical terms, pretty unsuccessful in attracting clients and mildly embarrassing for backers who have already invested more than £50 million in it".
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Nutmeg successfully raises £24M from Hong Kong firm Convoy but gets picked apart by the UK Press
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Well up to a point. Nutmeg is nothing special in technical terms, pretty unsuccessful in attracting clients and mildly embarrassing for backers who have already invested more than £50 million in it. It is not so much going from strength to strength as loss to loss, the latest being £9 million. Existing shareholders — who include Michael Spencer of Icap, Charles Dunstone of Carphone Warehouse, Balderton Capital, which previously backed LoveFilm and Zopa, and asset management group Schroders — will surely be grateful this Asian house has come along with deep pockets and open wallet.
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