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  • Landlords in Distress

    Unregulated investment co. goes bust for £32m



    Harewood Associates offered unregulated investments in property from 2010 onwards. From at least 2013 the company offered unregulated loan notes, with typical rates of up to 12% per year.

    Last week Harewood went into administration, with Begbies Traynor appointed as administrators. The administration is not yet visible on Companies House but has been publicly announced by Begbies Traynor.

    According to Harewood Associates’ last accounts for December 2018, the company owed £32.8 million at that time. If accurate, this makes Harewood the second biggest collapse of a company issuing unregulated bonds directly to the public in 2019, beating MJS Capital‘s £20 – 30 million (though dwarfed by the £230 million of London Capital & Finance).

    Harewood was fronted by David and Peter Kiely and was, according to its website (now offline), highly active in the community with charitable activities funded by investors’ money.

    Full/source story

    The names behind this are familiar to Property Tribes members from previous companies that went pop, once again highlighting the importance of undertaking due diligence.

    The story comes from Bond Review which has been warning about this for some time.  BR is a good site to keep an eye on as it flags up warnings about schemes that are looking suspect, many of them involving property.


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