Runaway Dubai executive starts new UK venture

DUBAI //An entrepreneur who fled Dubai almost three years ago, leaving huge debts after his online business failed, has launched an internet venture in the UK.
Simon Ford vowed he would repay "every last dirham" owed after the collapse of Blue Banana, which sold gift vouchers for activities such as skydiving and hot-air balloon trips. Customers who had bought "experiences" were unable to redeem their vouchers.
Creditors, suppliers and employees were also left out of pocket when Mr Ford returned to Britain with his pregnant wife and three children on June 20, 2009, claiming threats had been made against them.
He issued a statement in which he criticised the "lack of structured bankruptcy laws" in the UAE.
Mr Ford, the founder and managing director, said at the time that the company owed more than Dh1 million.
He was asked to comment and to clarify whether he had started repaying the Blue Banana debts, but had not responded by last night.
Mr Ford's new company, Punch iD, operates under the slogan "Online identity curators" and says: "We do all things digital, from branding to websites to social media and digital-marketing integration."
It is based at Henley-in-Arden, an affluent town in Warwickshire.
Mr Ford is using Twitter and Facebook to promote the business. The Facebook page says: "Punch iD founder, Simon Ford, has spent the past few years running online businesses and consulting for start-ups and high-growth businesses in Birmingham, UK.
Mr Ford describes himself on his LinkedIn page as the founder and director of a drinks-supply company called Slosh Box and a director of two businesses, E Supply Shops and Salon Supply Shop. All four companies are listed on the UK's official register of businesses.
Three companies are listed under "current projects", including Slosh Box and Salon Supply Shop. The latter has a website at which customers can buy hairdressing products.
Mr Ford issued a statement when he left UAE, parts of which read: "I wanted to write a letter to the Dubai public to apologise for the set of circumstances that have led to the closure of bluebanana.com and my departure from Dubai. This letter is a formal and personal commitment to repay every last dirham to everyone who is owed money from bluebanana.com.
"Tragically, the debt of the business reached a level on Thursday 18th June that personal threats were being made against me and my family, which left me no choice but to leave four years of passion behind and take my family out of the country before start of business Sunday 21st June.
"I am not running away from debt, I am purely protecting those dearest to me and getting out of a country which, due to the lack of structured bankruptcy laws and a banking system which has zero flexibility on loan repayments, drives people to make horrible decisions. I am sorry, Dubai."
Mr Ford refers to his time as founder and managing director of Blue Banana on his LinkedIn page, saying he led "the UAE's most prominent and well-respected lifestyle experience and leisure business from conception/launch and growth into a US$3 million turnover and profitable operation within two and a half years".
He lists eight "key achievements" but makes no reference to the collapse of the company and its heavy debts.
csimpson@thenational.ae
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