November Update
over 4 years ago
– Wed, Nov 27, 2019 at 11:34:44 PM
Hello everyone,
We know you have been waiting longer than expected for this update and that some of you have questions and concerns as to when this project will be fulfilled. We hope to answer your questions and give you a clearer picture of exactly what is happening here. We are very sad to read some of the negative comments and we just want you to know that we understand how you feel and we want to put your minds at rest as best we can.
First and foremost, we are going to fulfill this project.
Our main issue with the project at the moment is finances. This project was always more about getting the name and the brand out there, so we were making very little profit. As a lot of you may realise that prices of the miniatures + the stretch goals was low. Ours were approximately £2.50 in comparison to the industry average of nearer £5 for a mini with a metal base topper. So we knew that there was a fine line for staying on budget. Subsequently we've been hit with a large unexpected tax bill which has put us in the position we are now - very low on funds. To the point that we are unsure if we can actually pay the tax bill.
Additionally, we've had staffing issues, so the speed of the production, checking and packaging has been severely reduced. The whole point of the deadline was to ensure that the project didn't overun, but because it has, we are now in this financial position. We still have the same wages, rent, etc.
To compound the staffing issues, we were lead to believe that the quantities of the items had all been completed, but we now know that we are still short of several of the 28mm miniatures, a couple of the metal stretch goals and a couple of the resin items. I blame myself for not double checking what the member of staff had informed me.
So, you may be asking how we intend to move forward? We have been advised that liquidation is a possibility, where all responsibility is passed to the liquidators. This is not an option for us, as we set out to build the company and we are still determined to make this work. There has been suggestions about backers taking legal action against Z1 Design, in that situation we may be forced into winding up the company by HMRC. We intend to use the industry that we were in before we started the gaming to generate funds so that we can continue with the final production and ship the product.
So we still have to raise enough funds to complete the miniatures/items, and the shipping costs (shipping alone costs approximately £15,000 + VAT). We are not sure how long this will take, it could take 3 months, it could take 6 months, it could take longer. Whatever it takes we will make this work and fulfill the projects. We have too much to lose by not fulfilling - the designs, the moulds, the brand, etc..
We will update you as and when we have progress.
We're determined to make this to work as we value your support.
Jon Stynes