The High Street Group

2.3k · September 4, 2021

3 hours ago, spygirl said:

FB groups are getting more n more active.

They appear to have reached the point where theyve accepted they are not going to get their 12% year return.

They just want their money back.

They aren't going to see that either unless they can find a way of keeping their debt attached to the original property and then ensuring g every property is sold at the maximum price possible.

However, both you and me have looked at the planned services charges and there is little chance that those properties are going to sell at their current prices to anyone with 2 braincells to rub together

53.2k · September 4, 2021

11 minutes ago, eek said:

They aren't going to see that either unless they can find a way of keeping their debt attached to the original property and then ensuring g every property is sold at the maximum price possible.

However, both you and me have looked at the planned services charges and there is little chance that those properties are going to sell at their current prices to anyone with 2 braincells to rub together

This is going to end up in court and Gary Forrest n tge ifas will be facing bankruptcy n jail time.

I've nit seen the funding structure, I theres any structure beyond shoving cash in and hoping to make money.

I'd guess 30% is funded from proper grown up commercial finance wholl have written tge contract to get tge property. This appears to be happening.

The idiot bond buyer, who didnt question his n why HSG could pay12% without selling a single flat, will find themselves the junior creditor, holding fuck all.

I'd like to get an idea off how much cash has gone in. The HSG sites are just Billy bollocks made up numbers.

There are dome actual flat buyers floating around. Tge normal cznt lose eith properdee crew. Winning on their own house, losing it on investments.

20.6k · September 4, 2021

4 hours ago, spygirl said:

FB groups are getting more n more active.

They appear to have reached the point where theyve accepted they are not going to get their 12% year return.

They just want their money back.

any cunt thinking that a 12% return without very good analysis (such as @DurhamBorn and the other heros on the deflation thread) is a greedy nark. They deserve to lose it all.

53.2k · September 12, 2021

'Broken promises mean I can't afford to buy a gravestone for my husband'

Property investment firm The High Street Group is 'bullying' investors and defaulting on payments

ByJessica Beard11 September 2021 • 5:00am

A property mini-bond firm that has been “bullying” and “threatening” investors has continued pushing its creditors to the brink of financial ruin, a Telegraph Money investigation has found.

Savers who invested in the group face homelessness and have struggled to pay their bills because The High Street Group continued to renege on its promise to make good on owed interest, as we reported last month.

DIY investors put more than £50m into high-risk loan notes on the promise of 12pc annual returns and yearly access to their money. But the £1.5bn investment firm, which first defaulted on an interest payment in 2019, has continued to withhold payments as it struggles financially.

Celine Lacrimosa*, 83, whose late husband invested £150,000 in 2019, has been in a 10-month battle for the money, during which she said she had been “bullied” and “threatened”.

The pensioner said she needed to settle her late husband’s affairs as the investment formed part of his estate. “I am in limbo until it is paid out. I need it to live on. I cannot put a gravestone on his grave. It really is too much,” she said.

Mrs Lacrimosa said she had asked to redeem her money in November 2020 but was told there would be a six-month delay because of the pandemic.

In June this year she was told her cash would be locked away for at least four years. That month the company passed an unusual stakeholder vote to block investors from redeeming their investments early.

This was despite a guarantee that loan note investors would have access to their money in full each year.

The pensioner said she had received “aggressive” phone calls from senior staff who were trying to prevent her from speaking to this newspaper about the company’s cash flow problems.

She said: “They are holding me over a barrel. They said that if I spoke out the project I had invested in would go into administration and we would get nothing back.”

In an email seen by this newspaper, the company promised Mrs Lacrimosa a repayment of her £150,000 capital without interest in two parts, one at the end of August and one at the end of September, conditional on her silence.

However, The High Street Group missed its promised payment date and Mrs Lacrimosa said she never received the money despite holding up her end of the deal until then. She has been unable to speak with anyone at the group in the past four weeks. Mrs Lacrimosa has her own £50,000 investment in the company but has “given up” on this being returned before 2025, the new redemption date.

Another investor, Katie Hawkins, 45, from Kent, received £22,000 interest payments on her £185,000 investment but only after being “bribed” to keep quiet.

Mrs Hawkins spoke to Telegraph Money about her ordeal after receiving the cash. She said she had also received aggressive and intimidating calls from senior employees.

The letter sent to Mrs Hawkins pressuring her into silence

At the time, a High Street Group spokesman said it was “conscious and respectful” of personal circumstances and had created a relief fund for exceptional situations. It is unclear why Mrs Lacrimosa does not qualify as a vulnerable investor.

Last year directors of the limited company, known as The High Street Group Limited, set up a separate entity, The High Street Group plc. Last month it was renamed Hadrian Real Estate days after this newspaper’s investigation found it had started defaulting on its payments and had retrospectively changed the terms in its contracts.

The group’s founder and chairman, Gary Forrest, has resigned from the new entity but has remained in charge of the old one and has still communicated with investors.

A spokesman for Hadrian Real Estate said the group had bought several property development schemes from The High Street Group Ltd but would not be taking on the liabilities of the loan notes. This means investors are still owed money by the original company despite the sale of the assets.

Craig Hopkins*, 68, who invested £150,000 of his pension into the loan notes in 2018, said there was “total confusion” among investors. A verified group of creditors owed more than £5m has come together in a bid to challenge The High Street Group.

However, Mr Hopkins said it had been “completely unclear” whether his investments would remain with the old company or be transferred to Hadrian Real Estate.

“The High Street Group has lost our trust and confidence. It’s hard to know what to believe any more. We just want our money back,” he said.

A spokesman for The High Street Group said its communications had fallen short of the level investors needed but they would receive more updates in the coming weeks.

“We have now set up a team dedicated solely to responding to our investors’ questions. We decided that we would speak to as many investors as possible to review all the issues and respond accordingly,” he said.

September 17, 2021

On 01/01/2021 at 20:38, leonardratso said:

humph, hahaha

and elsewhere eh, this sounds a bit personal, and spy knows a bit as well with the booties and cat references.

hehehehe.

spy girl knows fuck all, SPY GIRL IS A SAD OLD TART with nothing better to do.

Do you think GF gives a flying fuck what the likes of you lot say or do.

He has millions stashed away you silly OLD SHREW

2.3k · September 20, 2021

On 17/09/2021 at 17:11, Mary Mason N.E.1 said:

spy girl knows fuck all, SPY GIRL IS A SAD OLD TART with nothing better to do.

Do you think GF gives a flying fuck what the likes of you lot say or do.

He has millions stashed away you silly OLD SHREW

Oh we know the directors will have stashed away as much as possible - but that doesn't mean the administrators won't be coming for their pound of flesh...

5.4k · September 20, 2021

On 12/09/2021 at 15:02, spygirl said:

~~Savers~~ Greedy Speculators who invested in the group face homelessness and have struggled to pay their bills because The High Street Group continued to renege on its promise to make good on owed interest, as we reported last month.

53.2k · September 20, 2021

On 17/09/2021 at 17:11, Mary Mason N.E.1 said:

spy girl knows fuck all, SPY GIRL IS A SAD OLD TART with nothing better to do.

Do you think GF gives a flying fuck what the likes of you lot say or do.

He has millions stashed away you silly OLD SHREW

Shes right.

I trip over my saggy old tits most days.

53.2k · September 20, 2021

On 17/09/2021 at 17:11, Mary Mason N.E.1 said:

spy girl knows fuck all, SPY GIRL IS A SAD OLD TART with nothing better to do.

Do you think GF gives a flying fuck what the likes of you lot say or do.

He has millions stashed away you silly OLD SHREW

Hes in trouble if he has stashed millions away.

The cash is secured within the company. Bond holders will have a higher security than directors.

You cannot move money from one company to another. They are not kids piggy banks.

I also assume theres some level of legal probing going in at the moment.

53.2k · October 13, 2021

I should like to apologise to Mary (Gary).

HSG are a fine upright company.

https://www.business-live.co.uk/commercial-property/developers-high-street-group-see-21838805?fbclid=IwAR2ItC9mzBiHtUoIkXsK8PvBfc6KQWYVqmgV-6pdy2oMYzUr91iquDLg00Y

Now accountancy firm Haines Watts, which replaced PwC, has also resigned, saying that High Street Group has not paid its fees.

October 13, 2021

1 hour ago, spygirl said:

I should like to apologise to Mary (Gary).

HSG are a fine upright company.

https://www.business-live.co.uk/commercial-property/developers-high-street-group-see-21838805?fbclid=IwAR2ItC9mzBiHtUoIkXsK8PvBfc6KQWYVqmgV-6pdy2oMYzUr91iquDLg00Y

Now accountancy firm Haines Watts, which replaced PwC, has also resigned, saying that High Street Group has not paid its fees.

Careful you’ll get Gary, erm I mean Mary Mason, back on saying you don’t know what you’re talking about 🤣

2.3k · October 13, 2021

2 hours ago, spygirl said:

I should like to apologise to Mary (Gary).

HSG are a fine upright company.

https://www.business-live.co.uk/commercial-property/developers-high-street-group-see-21838805?fbclid=IwAR2ItC9mzBiHtUoIkXsK8PvBfc6KQWYVqmgV-6pdy2oMYzUr91iquDLg00Y

Now accountancy firm Haines Watts, which replaced PwC, has also resigned, saying that High Street Group has not paid its fees.

Got to ask why Haines Watts didn't insist on the money upfront - the financial problems were obvious to everyone....

53.2k · October 13, 2021

32 minutes ago, eek said:

Got to ask why Haines Watts didn't insist on the money upfront - the financial problems were obvious to everyone....

They probably assumed that a large company - at least in terms of debt - would not be so stupid to not pay the auditor.

53.2k · October 17, 2021

In more of my - all threads lead to one theme..

Tracking the names of HSG FB group a *lot* of the people posting are EUers livng in the UK.

53.2k · November 3, 2021

This appears to have blown up.

5.4k · November 3, 2021

9 hours ago, spygirl said:

This appears to have blown up.

Good find.

https://reactnews.com/article/high-street-groups-residential-business-collapses/

High Street Group's residential business collapses

2 Nov 2021 | by Charlie Schouten

Mounting issues finally bring down residential developer

5.4k · November 3, 2021

https://www.telegraph.co.uk/money/consumer-affairs/failing-investment-group-launches-suspicious-rebranding/

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.

....

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.

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.”

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.”

53.2k · November 6, 2021

‘I have given away my family’s future’: police alerted to failing investment group

DIY savers have invested millions into The High Street Group loan notes only to miss out on interest payments

ByJessica Beard6 November 2021 • 5:00am

Police have begun examining evidence against failing property investment firm The High Street Group, as a damning report warned investors were unlikely to get any money back.

DIY savers invested more than £50m in “loan notes”, also known as mini-bonds, on the promise of 12pc returns per year. However, Action Fraud, a government scam prevention agency, has now opened a case file with Northumbria Police’s fraud team, to probe financial misconduct, Telegraph Money can reveal.

In addition, two subsidiaries of the group – Kent Street Limited and High Street Residential UK Limited – have filed for insolvency with administrators SKSi and James Cowper Kreston taking charge.

The financial status of the group has also been called an “absolute mess” by Broadleaf, a mini-bond specialist. In a report seen by this newspaper, the firm warned investors “would get nothing”.

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The report, commissioned by a group of investors to investigate their claim, also added: “It [owns] shares in its subsidiaries and there is real uncertainty as to the value of those subsidiaries.”

Ordinary investors would also fall to the back of the queue and were unlikely to get any money back whether the company collapses or not, the report warned.

A High Street Group spokesman said Broadleaf’s report was “without substance” and made “sweeping unaudited statements”. The £1.5bn investment group has continued to raise money from investors in order to fund property development projects in the north of England and the Midlands, claiming they would generate large profits.

However, the group first defaulted on interest payments in 2019. In June this year, the company passed an unusual stakeholder vote to block investors from redeeming money early, despite a guarantee bondholders would have access to investments in full, every year.

The group also lost its second auditors in a year last month.

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Haines Watts resigned and warned creditors that the group had failed to pay its fees. Former auditors PwC resigned in September 2020 after The High Street Group failed to provide “accurate and timely explanations”. PwC said the firm was not “sufficiently robust” for a reliable audit.

Broadleaf’s report also warned investors about “alarming” decisions from directors to “hive off” parts of the group as separate entities.

Last year, directors of the limited company, known as The High Street Group Limited, set up a separate entity, The High Street Group plc. Days after this newspaper’s initial investigation in August, the group was rebranded Hadrian Real Estate.

Investors have continuously been unable to access their savings or receive interest payments they were due. Timmy Stoves*, 64, who is terminally ill, invested his life savings and pension in The High Street Group hoping to leave a lump sum and steady income behind for his wife and daughter. “That’s all been blown to smithereens,” he said.

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Mr Stoves, who cannot work due to his illness, has been relying on the interest payments as his main source of income. However, £70,000 has not been paid over the last year after the group defaulted.

“My income never came through and I have no way to supplement it. I have borrowed extensively on personal loans, credit cards and from our friends.

“I am desperately worried about keeping the roof over our heads and feel as though I have given away my wife and daughter’s future.

“It’s hard to take emotionally and I’m trying not to give up. But I have to look after my family,” he added.

Mr Stoves invested a six-figure sum when he fell ill after being promised a 10pc return.

The High Street Group previously confirmed it had created a relief fund to cover exceptional situations.

However, Mr Stoves has not benefited. A spokesman said: “We are working to gather funds for vulnerable investors and hope to have a resolution for [Mr Stoves] by the end of this month.”

The investor fears he will lose his home. He added: “We will have to sell up and move into a static caravan. I can’t sleep. We have nowhere to turn and the City regulator does not want to get involved.”

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The Financial Conduct Authority did not respond to repeated requests for comment from this newspaper.

While it does not oversee unregulated investments, such as loan notes and mini-bonds, it has previously issued warnings on similar property investments.

Edmond de Rothschild REIM, a real estate business, has written a letter warning against The High Street Group, claiming it had circulated false information to investors and created “obvious misrepresentations”.

A High Street Group spokesman declined to comment on the accusations.

Worried investors formed a support group after they could not contact anyone at the group. Curtis Kitchin*, 58, invested his £190,000 pension eight years ago and now fears it has all been lost.

“We’ve had so many excuses over the years about why it hasn’t paid out. You work for that money and have plans for it; now, we have to rethink everything,” he said.

Mr Kitchin said he was owed £240,000 when accounting for the interest. He invested via an independent financial adviser, who is no longer trading.

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The High Street Group has previously tried to silence investors from speaking to this newspaper about the company’s cash flow problems, with some claiming they received “aggressive” phone calls from senior staff.

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