Jeremy Clarkson’s DriveTribe network loses £12.5million in first two years

Jeremy Clarkson’s DriveTribe network has lost £12.5million in its first two years.

The social media network he founded with James May and Richard Hammond was launched to great fanfare in November 2016.

But while The Grand Tour pre­­senters may have expected to be racing to the bank, new accounts filed this week show the company lost £8.3million in 2017 on top of a £4.2million loss for 2016. The site – a sort of Twitter for petrolheads – lets people set up “tribes” to follow posts and videos.

The three founders all put money into the site.

Each has their own “tribe” and post almost daily.

They have also featured big-name guests while Hammond gave them his first post-crash interview.

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Papers filed at Companies House blamed losses mainly on “administrative costs”. DriveTribe has backing from investors including 21st Century Fox.

Yesterday nobody would return calls for a comment.

However the directors’ report said they were expecting research and development tax credits and forecasts “assume that revenues will grow steadily through 2018 and 2019”.

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