Water Chariot directors break their silence
The company behind the Water Chariots enterprise, which ran services from Limehouse and Tottenham to the Olympic Park has broken its silence over its collapse.
Workers and contractors are still owed money from the endeavour which initially slashed prices from £95 to £20 before calling in the administrators as customer numbers failed to materialise.
"The company had been criticised for high prices, but the level of investment and cost base necessitated a high ticket price," said a company statement.
"The company subsequently tested the market at lower prices, but the take-up continued to be poor.
"The company was able to trade through the Olympic Games and into the first week of the Paralympics, but eventually determined itself unable to carry on further without the additional support of its investors who had already invested considerably more than they were committed to.
"No director or investor has received a single penny of return or income from this venture."