Goji reveals its pandemic survival strategy

Goji is assessing the markets for external funding and has convinced staff to take a temporary pay cut to ride out the pandemic.

The alternative investment platform technology provider’s accounts for the 12 months to September 2019 include an update on how it has performed since the coronavirus outbreak hit the UK in March 2020.

The document, filed with Companies House, showed that Goji reduced staff salaries for six months in exchange for share options, exercised a lease break clause, downsized its office and removed and reduced all non-critical costs.

It also revealed that Goji is looking to raise new capital to boost its balance sheet and bolster investment in its technology.

The document reveals some contracts with alternative lenders were repriced and a “small number” exited deals due to financial difficulties.

Read more: Goji scraps plans for automated SIPP capability

Read more: Goji founder moves away from exec role

“As of September 2020, the directors have seen an increase in confidence and certainty with customers in the private asset markets,” Alex Crocombe, chief financial officer at Goji, said.

“Assets under management on the Goji platform have now stabilised and are beginning to grow month-on-month.

“The group sales and integration pipeline are also steadily increasing towards normality.”

Goji’s annual results show revenue was up 180 per cent annually to £773,558 as of the end of September 2019 but it ended its financial year with a loss of £1.5m.

Read more: Goji to offer electronic ISA transfers for IFISAs