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The High Street Group


spygirl
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I'm curious to know the full amount ripped off individuals.

50m does not sound enough for their building work, which might be why contractors have been downing tools.

It's a massive fuvkup and should gave halted years before my first post.

 

 

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The High Street Group
Investor Update
November 2021
Investor update
I would like to take the opportunity to share with you an update on the restructuring of The High Street GRP LTD and its assets.
The first stage of the restructuring was completed with the sale of some of the Group’s assets. The asset sale to Hadrian Real Estate PLC is backed by an indemnity, whilst the sale of some of the other assets have been agreed on the basis of a Joint Venture contract.
These transactions were prepared by independent Lawyers and have subsequently been reviewed by Castle Trust and our corporate advisors.
Further, there have been a substantial amount of positive discussions and meetings with the Investor Group. These discussions are ongoing and have been focused on the following; -
Board Representation for the Investor Committee on Hadrian Real Estate PLC
An increased and improved communication amongst all partners
Hadrian Real Estate PLC to share their detailed business plan to the investor committee and demonstrate how this will deliver against the indemnities
Refining the indemnity for the 7 and 3 year loan note holders, in discussion with all stakeholders including the investors committee
A strategy meeting to be held between Hadrian Real Estate PLC, The High Street Group, Castle Trust and the Investors Committee
Negotiations on the delivery of the Strawberry Place Project
Business progress discussions
Investor equity relating to existing loan note holders
There is no denying the last two years have been very challenging for the group. However, there is a business plan and strategy in place that is being shared with the investor committee that we genuinely believe will deliver a full return of the investor loan notes.
There is massive growth in the PRS sector and there has been a substantial increase in the level of institutional enquiries received recently.
The demand for a PRS development team with a track record of delivering projects is huge and Hadrian Real estate PLC have that infrastructure. (Please click on the link below)
We will shortly be issuing the details of the independent investor committee and urge you all to join and work closely with this committee. Together we are stronger.
Yours sincerely
G Forrest
Gary Forrest
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stop_the_craziness

I've become almost numb to this sort of shit now.  It just seems to be the way of the world along with corrupt politicians and bought-off scientists.

Maybe it's always been this way and I just never had awareness of it before.

@spygirlit seems you have a nose for a fishy set-up.  And this one stinks to high heaven.

I presume we will get all the bullshit next of lessons being learned and protections being looked into to make sure that this will not happen again until the next lunatic con-man goes wild with other people's money and blows up the lot.

Sad times.

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  • 3 weeks later...

Savers face £89m loss as failing property group goes to court

More than 600 DIY investors will lose their money if the group collapses

ByJessica Beard4 December 2021 • 5:00am
 

The life savings of hundreds of investors are on the line as a failing property firm has declared insolvency and risks collapsing in the coming weeks.

More than 600 DIY investors poured £89m into The High Street Group’s “loan notes”, also known as “mini-bonds”, on the promise of 12pc returns per year. However, they have since been blocked from redeeming their money and the company has defaulted on payments.

Directors from The High Street Group will sit in front of the High Court on Dec 16 to determine the future of the firm and whether it enters administration. But the company might have been insolvent since 2018 despite continuing to take on new investments as late as September this year, it has emerged.

Peter Murray, of Insolvency & Law, a claims firm representing a group with more than £4m invested, said previous disagreements over the accounts between former auditors and The High Street Group suggested the firm was insolvent three years ago. The company has since taken in tens of millions of pounds worth of investments.

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Mr Murray said he had originally called for a complete liquidation but now backed a restructure on the condition that an independent administrator is appointed. It is understood that The High Street Group has put forward two administrators who had previous ties with the business. Mr Murray said these individuals would have a “conflict of interest” and may not act in the best interests of investors. A spokesman for The High Street Group said Mr Murray was acting in his own interest, attempting to charge investors 10pc for any recovered funds.

The struggling company has a net liability of £75m, owing a total of £212m while having just £136m worth of assets. However, investors have warned the firm only has £500,000 worth of fixed assets that could be easily sold.

Mr Murray said he was concerned about transfers of assets out of the company this summer. Last year, directors of the limited company, known as High Street Group Limited, set up a separate entity, High Street Group plc.

Days after this newspaper’s initial investigation in August 2021, the group was rebranded ­as Hadrian Real Estate, which bought several property development schemes from High Street Group Limited.

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Action Fraud, a government scam prevention agency, has opened a case file with Northumbria Police’s fraud team, to probe financial misconduct.

Mr Murray said: “Assets were sold off right under investors’ noses. The biggest risk now is that investors lose 100pc. The company needs a thorough investigation.”

A new “investor committee”, backing The High Street Group’s management, has written to more than 600 creditors urging them to support an administration. There is little value in the company, so investors would be unlikely to be refunded from a liquidation and sale of the assets, it said.

Carla Thimble*, 40, who invested £90,000 and is now owed £105,000 with interest, said she had doubts in the intentions of the investor committee. “We saw a lot of our assets being sold in the summer and got nothing for it so far. It’s like being told that at 3pm someone will go to your house and take your possessions and move them to another known location but there’s nothing you can do,” she said.

The High Street Group said: “The directors of HSG have been working on a robust recovery plan that could see 100pc of investor funds paid. Details of this plan have been shared with an investor committee representing in excess of 600 investors

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https://www.business-live.co.uk/commercial-property/administration-only-way-forward-developers-22448900?utm_source=mantis_rec&utm_medium=web&utm_campaign=more_like_this

 

He added: “I’m not going to sit here and say we haven’t made mistakes on this journey. I’ve openly admitted that mistakes have been made, as in any business. We grew too big, too fast. We went, in a three or four-year window, to becoming the largest PRS developer in the UK, with £1.3bn worth of projects under development. We had a valuation of the business at one point of £930m, pre-Covid.

“There is an argument of: did we have enough cash reserves to manage an instance like Covid hitting? Obviously we didn’t. We didn’t expect all the early redemptions we had. Did we have enough cash reserves? Possibly not.

“There’s an abundance of mistakes being made but one of our biggest mistakes was communication. Communication is easy when things are going well. People communicate badly when things aren’t going too well, whether it’s business, sport, relationships, whatever it is. When something’s not good, people don’t know how to communicate bad news. And we were bad at it, we didn’t know how to do it.”

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Kaboom

Hadrian's Tower developer High Street Group is placed in administration

The company applied for administration, saying that it was necessary for a rescue plan

https://www.chroniclelive.co.uk/news/north-east-news/hadrians-tower-developer-high-street-22486436?fbclid=IwAR0lMpJ4CpzdvYUoZ8c9bCj_iHxzcjMAuf2WNvOFlWIUmTycwkZPRgdO7UM

Now the fun starts.

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