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  • Entrepreneurs

    Nicholas Wallwork - anyone invested with him?

    Does anybody have any dealings with this individual?

    I was recommended to look at his funding opportunity, however on closer inspection it appears he has applied for voluntary strike off within 14 months of an LLP being set up! Which appears to be a company used to purchase a building with investors money.(one that has not been completed)

    Does this mean that the investors would have lost all their money??

    any advise welcome

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    Taken excerpt from Bio on his Forum https://www.propertyforum.com/meet-nicholas-wallwork

    My name is Nicholas Wallwork and I’m a multi-millionaire property investor living in the UK – and the new owner of Property Forum. I wanted to briefly introduce myself to you and give you all a flavor of my career so far in property and my future plans for the forum.

    I fell into property in 2002 when I realised turning my first house into a small HMO (rather than living in it myself) made complete financial sense.

    HMOs and development were to form the key strategy of my property career.

    Aged just 24 I had no mortgage or bills to pay and could effectively retire (all be it modestly), teaching me a very early lesson that passive income from property was the way to build long term wealth and a flexible and comfortable lifestyle.

    13 years on, I now control a property portfolio of over £20million and run and own a group of successful property businesses including a property investment consultancy, several property development companies, a lettings & management business and not to forget this Property Forum.

    He appears to have Assets/Cash within his 10 companies of approx £1 Million.

    https://www.duedil.com/director/917273254...ectorships

    He likes using hand hand gestures :-)

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    According to companies house Wallwork Sturmer LLP has dissolved since applying for voluntary strike off. Although this doesn’t seem to be updated on his duedil report.

    Going by his bio, I had every reason to be concerned. I think I will pass on the opportunity to lose my money with this “multi millionaire”

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    I am not sure which building, it could well be that one. I was told that there were a number of opportunity’s that my money could be lodged against as a charge.

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    It may well be Sherwood House as it appears that it is a completed project.

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    It looks like Sherwood House was completed, Redbrick Serviced Apartments - Sherwood House are available on Booking.com

    https://www.booking.com/hotel/gb/redbrick...en-gb.html

    They also have their own website https://redbrick-serviced-apartments-sher...ness.site/

    Redbrick Property Services Ltd appears to be his Property Management business.

    https://www.duedil.com/company/gb/0964898...rvices-ltd

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    Assuming it is this one, is it normal to strike off a company once the build is complete?

    Are my reservations unwarranted?

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    I am not sure what you are seeing as to whether it was a simple strike off or a compulsory strike off (such as not filing accounts on time), so just commenting generally.

    All companies, even when their use is over or they become surplus to requirements, which could well be the case with this one, should be closed down properly and their affairs wound up.

    This is best practice and shows a professional approach and "Dissolved" appears on the CH record.

    If someone decides the company's purpose is over, then they can just leave it to be struck off and a warning to this affect appears on CH and in the Gazette.  Another common cause of companies being struck off is due to a change of registered office address that is not notified to Companies House.  I don't think that either shows good management or a professional approach myself, as it goes on the CH record and could be something of a red flag as proven by your concerns over it.

    Why not contact Mr. Wallwork and explain that you are interested in the proposition but you would like the company number of the company you would be entering into a financial transaction with. You could also ask what happens to the company when the build is complete and the investors have been paid back.  That would help the DD I think.

    I have spoken to Nicholas on the phone on one occasion** and he seemed very approachable and pleasant, so I am sure he would not mind you asking a few DD questions.

    **Nothing to do with deal sourcing or investment opportunities so cannot comment directly on these.

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    I wouldn't right him off just yet, I can't find anything online relating to any uncompleted projects or any angry investors......

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    Thanks, I just wanted some impartial advice before speaking with him direct. He is clearly a bit bias to his own success. I am new to investing and didn’t fancy some (*Moderator note:  Content removed*) disappearing into the night with my savings.

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