Entertainment

DriveTribe loses £12.5million in first two years

Like a rusty old Jaguar leaking oil out of every orifice, automotive-based social media website DriveTribe continues to haemorrhage money at an alarming rate according to figures obtained by The Mirror this week.

Originally launched by Jeremy Clarkson, Richard Hammond and James May, and touted as being a ‘Facebook for car lovers’, DriveTribe recorded an £8.3million loss for the 2017 financial year – for a combined loss of £12.5 million since launch.

Papers filed at Companies House blamed the losses mainly on administrative costs, and salaries for the 44 staff currently employed. Clarkson, Hammond and May are all understood to have put money into the venture – and would have no doubt suffered heavy losses as a result.

DriveTribe has struggled to get out of second gear following the resignation of CEO Ernesto Schmitt late last year. The German businessman was once described as the “Arnold Schwarzenegger of media” by Campaign magazine, and has been involved in a string of media start-ups.

At the time, a source told The Londoner: “Schmitt and Jeremy didn’t get on — they’re both loud alpha males. Differing visions of what the platform’s for mean it hasn’t got into second gear”.

The directors’ report from the most recent loss said the company is expecting research and development tax credits and forecasts “assume that revenues will grow steadily through 2018 and 2019”.

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