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The High Street Group


spygirl
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Im expecting this to be resolved sooner rather than later.

Id be surprised if there wasnt a fraud team in residence in newcastle.

Numbers are too big.

I expect gary to go to jail; dont pass Go.

LCF investors in line for £120m government compensation

Treasury to pay bondholders who lost savings when minibond company collapsed

https://www.ft.com/content/d3b53f57-fb39-4ab4-acb3-48edf459b056

 

 

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5 hours ago, wherebee said:

why?  That headline actually should be "government to tax tax money from poor people buying fags and give it to rich people who didn't do their due diligence properly"

Bit like that.

There appears to be some murky on what the FSA allowed.

Lsl put regulated by the FSA as a scam.

I'm ok with some compensation for messes.

However the people involved- directors n ifas need stripping of everything and all money clawed back.

Have dome kind of mega-vraud, where all recipients of cash are stripped of it and jailed for 5 years.

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30 minutes ago, spygirl said:

Bit like that.

There appears to be some murky on what the FSA allowed.

Lsl put regulated by the FSA as a scam.

I'm ok with some compensation for messes.

However the people involved- directors n ifas need stripping of everything and all money clawed back.

Have dome kind of mega-vraud, where all recipients of cash are stripped of it and jailed for 5 years.

No.  If I invest in a Bank, and it goes under due to shitty loans in Brazil, that is MY fault, whether it is regulated by the government or not.  

The FSA should say to all investors - we will try to minimise risk, but it is up to you, the investor, to do your own due diligence and your capital is not guaranteed.

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The issue is that the FSA have screwed up here and in a number of other cases (Football Index being another example) so have no choice but to spend tax payers money to rectify a mess they shouldn't have allowed to occur and should have shut down way earlier. 

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58 minutes ago, eek said:

The issue is that the FSA have screwed up here and in a number of other cases (Football Index being another example) so have no choice but to spend tax payers money to rectify a mess they shouldn't have allowed to occur and should have shut down way earlier. 

They need a finsec equivlent of:

Tobacco-etc-packaging-labelling-advertis

 

All non FSA backed investments/non consumer of any form has a big -

[massive Red Danger! sign]

This investment  is unregulated.

You have no comeback or compensation if things go wrong.

You should have 100k in free cash outside of pension and house.

If you believe you are being miss old this product ring xxxxx.

 

This would be required to be front on the front of all unregulated prospectuses.

Failure to comply results in a lifetime ban and massive fine for promoters.

That would do it.

 

 

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38 minutes ago, spygirl said:

They need a finsec equivlent of:

Tobacco-etc-packaging-labelling-advertis

 

All non FSA backed investments/non consumer of any form has a big -

[massive Red Danger! sign]

This investment  is unregulated.

You have no comeback or compensation if things go wrong.

You should have 100k in free cash outside of pension and house.

If you believe you are being miss old this product ring xxxxx.

 

This would be required to be front on the front of all unregulated prospectuses.

Failure to comply results in a lifetime ban and massive fine for promoters.

That would do it.

 

 

They already do that.

The issue is that the wording makes it look like it's approved rather than f***ing stupid.

It's no different from the things we've both seen on tax avoidance schemes. - its HMRC approved as it's got a DOTAS number (no it fu**ing isn't but HMRC didn't think how you could turn an issue into your advantage). 

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1 hour ago, eek said:

They already do that.

The issue is that the wording makes it look like it's approved rather than f***ing stupid.

It's no different from the things we've both seen on tax avoidance schemes. - its HMRC approved as it's got a DOTAS number (no it fu**ing isn't but HMRC didn't think how you could turn an issue into your advantage). 

Yes.  I've even seen scam attempts where they will say 'registered in the UK' or 'registered in Australia' as if it was a tick of probity, when all it means is that someone has paid companies house 200 quid to hold a name and not much else on the register.

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  • 1 month later...
  • 1 month later...

Theres a HSG fb group.

A small number have engaged a nowin nofee company.

They've had a meeting.

I wont upload the pdf, just in case.

Some snippets.

In conversation with Gary Forrest, with other people attending the meetings, and with a 
representative of Quantuma I learned the following: 
- Security is by way of an ‘all assets debenture’ over the HS Group assets, while 
individual projects have their own senior conventional debt. In effect, the Loan 
Note Holders provide the project equity 
- HSG did engage an ‘unregistered barrister’ to attempt to disrupt/infiltrate investor 
groups. Her name is Jane Sanders. Jane did not disclose her client when 
contacting the groups via social media. I told GF that I felt this was 
unprofessional. 
- Despite there being 2 distinct notes – declared at a value of £60m in aggregate – 
the security is a single debenture. HSG were not aware of the relative position of 
each note in respect of the call on security. 
- HSG were not prepared to disclose the total value of Notes in issue. The votes 
indicate approximately £50m in total, but GF suggested there was c£90m, 
including some debt directly into SPVs in the form of notes. 
- PWC resigned as HSG Auditors, and as such HSG have been unable to submit 
audited accounts for 2019. 
- HSG claim the total investment for all of their projects is £900m. 
- GF confirmed that he is fully aware of both his obligations and also his 
responsibilities as a Director of a potentially insolvent Group. 
- GF stated there were approximately 700 note-holders. This is possible as votes 
were counted by Note serial numbers and several investors hold multiple notes. 
- HSG agreed that they had been poor in speaking with Investors and agreed to 
consider the appointment of a Creditor representative to manage 
communications with the investors. This was offered to both meetings. 
- The Security Trustee made it clear they had access to information that was not 
available to Loan-note holders – and would not agree to share it with Loan-note 
holders. 
- Attendees at the meeting reported up to 30% commission payments were made 
to intermediaries for selling the loan-notes. 
- GF agreed that many loan-note holders were not Sophisticated and were not 
suitable to be holding these Notes. 

- GF stated that in the last 12 months HSG had redeemed £8m of Notes. 
Initial Analysis 
While little genuine or independent information was available, it remains clear that HSG

 

If we assume this is not a Ponzi-scheme, then the £60m will have to generate £56m in 
yield payments plus repayment of £80m – a total of £136m+. In effect at best the 
projects will have to generate 127% profit on projects for the equity portion in each SPV. 
This seems un-realistically high. Given that the claim is that over £900m is required to 
convert projects, a detailed understanding of the successful completions and also the 
future terms should be explained by management. 
The style of the meeting, the evasion of direct questions, the manner of some of the 
meeting attendees (including some protective ‘muscle’) suggest that the management 
team know they are up against a wall.

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'They would only pay if I kept quiet': £50m savings at risk as property firm reneges on promises

Investors on the brink of financial ruin after The High Street Group cancelled rights to access cash and defaulted on interest

ByJessica Beard14 August 2021 • 5:00am

Dozens of investors have been promised the interest due or access to their savings but received nothing CREDIT: Thomas Broom/TMG

Investors in a property firm are on the brink of financial ruin and face homelessness after the group reneged on its interest payments and pressured them to waive rights to withdraw their cash.

DIY savers put more than £50m into high-risk loan notes with The High Street Group, attracted by the promise of 12pc annual returns and 22pc after seven years. However, the £1.5bn investment firm has defaulted on its interest payments and blocked investors from redeeming their money despite guaranteeing yearly access, a Telegraph Money investigation has found.

Last week its founder and chairman, Gary Forrest, left the company.

The company has tried to silence investors from speaking to this newspaper. Katie Hawkins, 45, from Kent, said she faced eviction after falling behind on her rent because The High Street Group failed to pay £22,200 interest or return her £185,000 investment.

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Ms Hawkins said she felt she was “bribed” by The High Street Group, which promised to pay the interest she was already owed but only if she signed a non-­disclosure agreement.

“I was forced to sign a document to shut me up. I did it because I desperately needed the money,” she said.

Mrs Hawkins, who is physically disabled and due surgery, said she had received aggressive and intimidating calls from senior employees. “One lady asked me which I wanted more: the money to pay my debt or my story in the paper. They paid after I signed the document,” she said. “But I was so angry that I decided to speak out anyway.” There are doubts about the validity of the document.

The letter sent to Mrs Hawkins pressuring her into silence

A High Street Group spokesman said it was “conscious and respectful” of personal circumstances and had created a relief fund for exceptional situations.

Dozens of other investors said they were repeatedly promised the interest due or access to their savings but had received nothing.

Jodie Cress, 62, a mother of two, said she and her daughters invested after hearing about the loan’s attractive terms. She now fears they will never see their £85,000. She said the family was owed more than £20,000 in interest.

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“They keep asking for more money but I told them to stop. I’m already worried that I’ve lost all my lifetime savings,” she said. 

Mrs Cress’s daughter, Emma, 29, said she had invested the money she had set aside for a deposit on her first home. “I don’t have any hope we will get our money back and it is so mentally draining. Even the person who introduced us to the investment and took a commission has gone silent.”

In a letter sent to investors in May, the group said it had taken a £42m hit during the pandemic and had been hamstrung by a clampdown on property funds by the City watchdog. However, The High Street Group would not have to follow such rules as it is unregulated, it is understood.

In the same letter the company said it had “very positive financial forecasts” but also asked investors to agree to ditch their rights to redeem investments on an annual basis. The vote, which investors had to attend in person in Newcastle, was passed with an 87pc majority. A spokesman for The High Street Group said: “The unique conditions of the pandemic have led to a suspension of the ability to redeem early. The impact of coronavirus on property development and investment was severe and we acted to protect the business and our investors.” He said investors would receive all money due.

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However, investors said the group began defaulting on payments before the pandemic. Ms Cress said interest due in October 2019 was delayed by three months.

Craig Hopkins, 68, invested £150,000 of his pension into the property loan note in 2018 but requested to redeem his money in November 2020. He said: “It seems we’ve been led up the garden path. We heard nothing back. The due date came and went and numerous emails were exchanged where they promised payment,” he said.

The group did not comment on the delays. Its former auditors, PWC, resigned in September 2020 after The High Street Group failed to provide what it called “accurate and timely explanations”. It said the firm was not “sufficiently robust” for a reliable audit.

The High Street Group said Mr Forrest had retired for family reasons.

Seems to have imploded. Or at least in process of.

I wonder if Gary Forest is spending time with lawyers family?

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sancho panza
13 hours ago, spygirl said:

'They would only pay if I kept quiet': £50m savings at risk as property firm reneges on promises

Investors on the brink of financial ruin after The High Street Group cancelled rights to access cash and defaulted on interest

ByJessica Beard14 August 2021 • 5:00am

Dozens of investors have been promised the interest due or access to their savings but received nothing CREDIT: Thomas Broom/TMG

Investors in a property firm are on the brink of financial ruin and face homelessness after the group reneged on its interest payments and pressured them to waive rights to withdraw their cash.

DIY savers put more than £50m into high-risk loan notes with The High Street Group, attracted by the promise of 12pc annual returns and 22pc after seven years. However, the £1.5bn investment firm has defaulted on its interest payments and blocked investors from redeeming their money despite guaranteeing yearly access, a Telegraph Money investigation has found.

Last week its founder and chairman, Gary Forrest, left the company.

The company has tried to silence investors from speaking to this newspaper. Katie Hawkins, 45, from Kent, said she faced eviction after falling behind on her rent because The High Street Group failed to pay £22,200 interest or return her £185,000 investment.

Advertisement

Ms Hawkins said she felt she was “bribed” by The High Street Group, which promised to pay the interest she was already owed but only if she signed a non-­disclosure agreement.

“I was forced to sign a document to shut me up. I did it because I desperately needed the money,” she said.

Mrs Hawkins, who is physically disabled and due surgery, said she had received aggressive and intimidating calls from senior employees. “One lady asked me which I wanted more: the money to pay my debt or my story in the paper. They paid after I signed the document,” she said. “But I was so angry that I decided to speak out anyway.” There are doubts about the validity of the document.

The letter sent to Mrs Hawkins pressuring her into silence

A High Street Group spokesman said it was “conscious and respectful” of personal circumstances and had created a relief fund for exceptional situations.

Dozens of other investors said they were repeatedly promised the interest due or access to their savings but had received nothing.

Jodie Cress, 62, a mother of two, said she and her daughters invested after hearing about the loan’s attractive terms. She now fears they will never see their £85,000. She said the family was owed more than £20,000 in interest.

Advertisement

“They keep asking for more money but I told them to stop. I’m already worried that I’ve lost all my lifetime savings,” she said. 

Mrs Cress’s daughter, Emma, 29, said she had invested the money she had set aside for a deposit on her first home. “I don’t have any hope we will get our money back and it is so mentally draining. Even the person who introduced us to the investment and took a commission has gone silent.”

In a letter sent to investors in May, the group said it had taken a £42m hit during the pandemic and had been hamstrung by a clampdown on property funds by the City watchdog. However, The High Street Group would not have to follow such rules as it is unregulated, it is understood.

In the same letter the company said it had “very positive financial forecasts” but also asked investors to agree to ditch their rights to redeem investments on an annual basis. The vote, which investors had to attend in person in Newcastle, was passed with an 87pc majority. A spokesman for The High Street Group said: “The unique conditions of the pandemic have led to a suspension of the ability to redeem early. The impact of coronavirus on property development and investment was severe and we acted to protect the business and our investors.” He said investors would receive all money due.

Advertisement

However, investors said the group began defaulting on payments before the pandemic. Ms Cress said interest due in October 2019 was delayed by three months.

Craig Hopkins, 68, invested £150,000 of his pension into the property loan note in 2018 but requested to redeem his money in November 2020. He said: “It seems we’ve been led up the garden path. We heard nothing back. The due date came and went and numerous emails were exchanged where they promised payment,” he said.

The group did not comment on the delays. Its former auditors, PWC, resigned in September 2020 after The High Street Group failed to provide what it called “accurate and timely explanations”. It said the firm was not “sufficiently robust” for a reliable audit.

The High Street Group said Mr Forrest had retired for family reasons.

Seems to have imploded. Or at least in process of.

I wonder if Gary Forest is spending time with lawyers family?

the clue is in the first bit of red.wtf were these people thinking?

then all these people sticking their life savings into it.Run Forrest run...

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On 15/08/2021 at 00:45, sancho panza said:

the clue is in the first bit of red.wtf were these people thinking?

then all these people sticking their life savings into it.Run Forrest run...

But you can't lose money on property.

It's remarkable what a smooth talking salesman attached to some greed can get away with.

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59 minutes ago, eek said:

But you can't lose money on property.

It's remarkable what a smooth talking salesman attached to some greed can get away with.

I dont think they are smooth talking.

They just go - you'll get 12% on your money. Promise.

Smooth lying salesmen maybe. Maybe even believed the bs themselves.

Commision was 30% Fucking 

Looking at the fb posters, these are mainly people with pension lump sums. And a lot of foreign people.

It'll be interesting to see the numbers when the dust has settled.

I reckon, just by the projects - skyscrapers aren't cheap - it's going to be well over 200m, bigger n bedder than LCF.

 

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  • 2 weeks later...

Well, FB groups are heating up.

DIY savers have invested more than £50m via the company on the promise of 12pc annual returns. The £1.5bn investment group has continued to sell “loan notes” to fund its property development projects in the north of England and the Midlands, which it has claimed will generate large profits.
This in comparison to the great train robery, Great Train Robbery, (August 8, 1963), in British history, the armed robbery of £2,600,000 .
The difference being the people involved in this robbery are just walking free.

Im not sure where they get the 50m or 1.5bln company from.

Id guess that the money poured in is way above 100m.

HSG is worth nothing, negative.

 

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On 16/08/2021 at 10:03, spygirl said:

I dont think they are smooth talking.

They just go - you'll get 12% on your money. Promise.

Smooth lying salesmen maybe. Maybe even believed the bs themselves.

Commision was 30% Fucking 

Looking at the fb posters, these are mainly people with pension lump sums. And a lot of foreign people.

It'll be interesting to see the numbers when the dust has settled.

I reckon, just by the projects - skyscrapers aren't cheap - it's going to be well over 200m, bigger n bedder than LCF.

 

and it's idiots like this that are going to ruin things for the rest of us, the more this happens, the louder the calls for the Government to do something to protect people from themselves. If we're not careful, the only option will be forced annuities again in a few years time.

 

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Failing investment group launches ‘suspicious’ rebranding

Property firm The High Street Group has defaulted on interest payments

 

 

 

The High Street Group has cancelled rights to access cash and defaulted on interest payments Credit: Jason Alden/Bloomberg

Jessica Beard

31 August 2021 • 5:00 AM

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A property investment firm that has defaulted on payments to savers has attempted to rebrand itself following Telegraph Money’s exposé of its struggling finances.

The High Street Group, which has blocked investors from redeeming their money despite a guarantee of yearly access, is in the process of transferring its liabilities and renaming itself Hadrian Real Estate.

DIY savers have invested more than £50m via the company on the promise of 12pc annual returns. The £1.5bn investment group has continued to sell “loan notes” to fund its property development projects in the north of England and the Midlands, which it has claimed will generate large profits.

However, it started to default on interest payments in 2019, and in June 2021 passed an unusual stakeholder vote to block investors from redeeming their money early. This was despite a guarantee that holders of its loan notes would have access to their money in full on a yearly basis.

In a letter sent to investors in May the group said it had taken a £42m hit during the pandemic and asked them to agree to waive their rights to withdraw their cash.

Last year directors of the limited company, known as The High Street Group Limited, set up a separate entity, The High Street Group plc. This company was renamed Hadrian Real Estate days after a Telegraph Money investigation reported the company’s failings.

The High Street Group’s founder and chairman, Gary Forrest, resigned from the new entity earlier this month but has remained in charge of the original company, which has led to confusion among investors.

“We were told he had resigned but I’m still receiving investor updates signed by Gary Forrest with company brochures about Hadrian Real Estate,” one investor said.

The letter to investors written by Mr Forrest announced the rebranding and acknowledged “recent challenges” but failed to make a distinction between the new company and the original entity. However, a spokesman for Hadrian Real Estate said Mr Forrest was no longer involved in running the new company.

Mr Forrest has been listed as an “active” director of more than 60 companies, many of which have names similar to that of the rebranded company, Hadrian Real Estate. They include Hadrian’s Holdings Limited, Hadrian’s 360 Limited and Hadrian & Co Limited, according to Companies House.

A spokesman said: “Gary Forrest is no longer a director of the company. Under the change of ownership and new name, the company has been mobilised and it was formed to take on new projects.”

Savers have invested more than £50m in the group’s loan notes and many have told this newspaper that they are worried they will never see their money again.

It is understood that Hadrian Real Estate will take on only a handful of the loan note liabilities. However, the group could not confirm that all assets would be purchased, which means some investors could be left behind with the original company.

The spokesman added: “As part of our agreement to transfer assets we have provided High Street Group Ltd with relevant funds to indemnify loan note holders.”

The new company said it had estimated its net assets at £16.7m, while £25.4m of its projects have yet to be supported by a funding partner, it told investors.

Dozens of investors have said they were repeatedly promised the interest due or access to their savings but have received nothing.

Craig Hopkins, 68, whose name has been changed, invested £150,000 of his pension into loan notes in 2018 but requested to redeem his money in November 2020. However, the due date came and went, and the promised payment never arrived, he said.

Speaking about the latest restructuring, he said: “It’s totally confusing and seems suspicious. We are all sitting on our hands hoping for our money back but it’s all gone quiet. I worry it is delaying tactics.”

Investors have been offered shares in the newly branded company as a gesture of goodwill.

Mr Hopkins said: “These shares are worthless for now and they only give shares to those who request them.”

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Introduction
Please see below a detailed update on the current status regarding High Street Group Ltd (HSG).
The company was severely impacted by Covid and the HSG board implemented a recovery plan at the start of the New Year. This communication explains the Group’s business strategy and the impact of the challenges created as an effect of Covid.
Background
HSG was set up to deliver PRS projects across the UK. The focus was on delivering high quality residential apartments in Birmingham, Manchester and Newcastle. We identified these cities as the most likely to benefit from the growth in demand for high quality apartments to rent.
Further, we identified the Digbeth area of Birmingham as the most likely to witness a significant growth in rental values. Attached is our report on the potential growth of PRS in these cities. Indeed there has been a significant increase in rental values. City centres like Manchester have witnessed a pre-Covid boom as an effect of the growth in PRS developments generating inward investment.
Prior to the launch of our PRS business we studied the impact of this market within the United States and other European countries like Germany. We were convinced and remain steadfast in our belief that this will be the fastest growing sector within the property market place.
Progress report
HSG built a pipeline of projects with a GDV in excess of £900 million with a further pipeline of projects with over of 2,000 units which are in various stages of negotiations.
The three completed projects (Solstice Apartments, Middlewood Plaza and Hadrian’s Tower) have exceeded the rental targets set within the business plan. Hadrian’s Tower is obtaining rental values 25-30% higher than anywhere else in the Newcastle city centre and has a waiting list of potential tenants.
As part of the business plan, one of the main objectives was to agree funding deals with Investment funds. This is what has driven the huge growth of PRS across the States and Germany. To date, we have agreed deals with 3 Investment funds on 4 separate projects and ongoing discussions continue with several others.
Challenges
HSG has experienced several challenges over the last two years mainly as an effect of Covid but also in part because of the rapid growth of the company. Both of these issues put significant strain on the group’s cash flow position.
Covid created delays to both Middlewood Plaza and Hadrian’s Tower, furthermore the investment funds suspended activity for most of 2020.
There are several other challenges that will impact over the next couple of years, these include the increase in the cost of materials and labour.
Missed opportunity
During 2020, HSG entered into advanced discussions with a major Investment fund with the objective of creating the UK’s leading PRS platform. The triangular agreement would also include the world’s largest Asset Management company. Effectively, HSG would be the developer, the Investment fund would provide the capital and the Asset Management company would manage the projects post completion. The strategy was the deliver approx. 2000 stabilised residential units prior to a sale to a pension fund. This deal would have generated returns to HSG over 5 years in excess of £175 million.
Unfortunately, the Investment fund withdrew from the project due to the adverse social media campaign targeted towards HSG. Subsequently, two other investment funds withdrew from the potential deals because of the social media campaign. In both instances these deals would have repaid the project Loan Received from GF earlier today:
Noteholders.
Recovery plan and Hadrian Real Estate PLC
As part of the recovery plan HSG has agreed to the sale of approximately £600 million GDV of assets to Hadrian Real Estate PLC. Further information will be provided once all the conditions subsequent are satisfied. As part of the deal, Hadrian Real Estate PLC has provided an indemnity to HSG for repayment of the loan notes upon completion of the projects.
Hadrian Real Estate PLC has a genuine opportunity to deliver against the company’s business strategy and objectives. However, their immediate priority is to consolidate the company’s cash flow position. This may mean that difficult decisions need to be taken in order to deliver a full return to all investors. There is significant optimism and excitement surrounding the growth of the PRS market within the UK and Hadrian Real Estate PLC is well positioned to take advantage of this opportunity. You can expect further exciting announcements from them shortly.
You will be aware that Hadrian Real Estate PLC are in the process of issuing shares to High Street Group Limited investors. These shares in Hadrian Real Estate PLC are an ex gratia gesture of goodwill at a time when the two companies had the same majority shareholder.
Hadrian Real Estate PLC Board has determined it will stand by the decision of the previous majority shareholder and board in allocating these shares. It is of course your decision on whether you accept the offer of shares.
These shares are not in replacement of your Loan Note and the liabilities remain with Group. They are an opportunity for you to share in the potential future value of the company. For clarity, your HSG Loan Notes will continue to accrue interest at the original rate.
The Chairman of Hadrian Real Estate will be writing to all its shareholders shortly.
New Customer Care Department
We are pleased to confirm that The High Street Group has launched a new Customer Care department which can be contacted on [email protected] or
0191 250 9286
Yours Sincerely,
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HousePriceMania

You will be aware that Hadrian Real Estate PLC are in the process of issuing shares to High Street Group Limited investors. 

 

https://www.business-live.co.uk/enterprise/new-property-development-company-hadrian-21304600

 

The new PLC has been launched amid moves to make a positive contribution to the PRS market, especially in the North and Midlands

Dated:  August 13th 2021 :/

Edited by HousePriceMania
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HousePriceMania

https://www.placenorthwest.co.uk/news/nobles-went-under-with-debts-of-6-2m/

 

Nobles went under with debts of £6.2m 

16 Aug 2021, 14:26

Dan Whelan

 

Prior to its collapse, Nobles was embroiled in a legal dispute with Newcastle-based developer High Streets Group over the £49m Cheshire Junction scheme in Warrington.  

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20 minutes ago, HousePriceMania said:

https://www.placenorthwest.co.uk/news/nobles-went-under-with-debts-of-6-2m/

 

Nobles went under with debts of £6.2m 

16 Aug 2021, 14:26

Dan Whelan

 

Prior to its collapse, Nobles was embroiled in a legal dispute with Newcastle-based developer High Streets Group over the £49m Cheshire Junction scheme in Warrington.  

It seems that the administrators are continuing with the legal dispute looking at their full report. 

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