Stockwatchers review £1bn Trustpilot rating

NEWS that online reviews platform Trustpilot is eyeing a valuation of £1 billion when it floats in London later this year raised eyebrows among stockwatchers. Even company insiders codenamed the IPO plan “Project Galaxy”, perhaps a nod to the out-of-thisworld price. The Danish firm has had a chequered history for handling fake and paid-for reviews, but insists it toughened up its act and removed 2.2 million last year when it was turned over by Joe Lycett. The comedian-turned-consumer champion, pictured, hoaxed his way to getting The i-Con Water Purifier ranked first in the UK with five-stars. It was a colander. An investigation by regulator the CMA into the sector is ongoing. City Spy sees Trustpilot has a rating of 4.2 out of five (Great!) on Trustpilot from some 120,000 user reviews. Must be alright then.

MEANWHILE, entrepreneur Adam Frisby described floating his online clothing company In The Style for £100 million as being beyond his wildest dreams.

Frisby, 33, who quit his job at Burger King to start the business having left school with no qualifications, said: “When I started ITS from my bedroom in 2013 with under £1,000 in my account, I could never of even dreamed I would be in this position. It has been a journey like no other.”

Spy recalls the fashion fan recently saying he started the business with just six dresses.

Last year it recorded net sales of £41 million, and coming up in 2021 are new collections with influencers. There are some big tech floats in London this year, but this one’s a Whopper.

THE traditional British response of confronting any crisis with a cup of tea has held up well through Covid, with new shopping data revealing lockeddown families got through two billion extra cuppas this year. Overall, shoppers have spent £15.2 billion more on groceries during the pandemic — that’s about £4,800 per household on average, an increase of £500 compared with normal times, according to Kantar.