Bury Football Club Parking Space Investment

webjaved

Stage a protest and the get the local media involved. Hopefully that might provoke a reaction from them. I hope you find some light at the end of the very dark tunnel.

schmo

TruthSeaker wrote: »

Hi all,

I am trying to figure out the best way to deal with a parking space investment within Bury Football Club which has stopped paying interest about half a year ago. The club itself is heavily in debt and since the owner has changed recently I am worried that they will not honour the contract both in terms of interest and original investment payback. In terms of legal details, my agreement is with a company-intermediary that holds parking space lease. This lease was passed on to me and another contract certifies intermediary's agreement to manage the parking space for me in return for a fixed interest. They are in significant financial
trouble and company-intermediary is likely to dissolve. To make things even more complicated, company-intermediary is owned by the same person as the club.

Has anyone successfully dealt with a similar situation? What is the likely outcome if intermediary dissolves? Will parking space lease go back to the football club?

As we are in the same boat, do you want to split costs with a lawyer? perhaps there are others you know that could also split lawyer costs?

Paul6464

I have read the forum with interest and have already paid for a solicitor to look over the lease - I should hear back soon but I guess from the above and what I have seen of Mederco's history, it's not looking good.
Today, I looked up their address : Unit 18 Cunningham Court, Blackburn, Lancashire, BB1 2QX on Google street view and found the info board at the entrance to the business park. No answer at their phone so could see the resident at Unit 17 and spoke with them to see if anyone was next door.
Seems Mederco was actually in Unit 17 and the Company there now took over from them about a year ago, they left without any forwarding address etc....
Companies House says they're pretty kaput so not looking good. Bury themselves have another very similar scheme on the go now seemingly - principalinternational.co.uk/property/car-park-investment-bury - which presumably would end up the same way - perhaps there's something that can be done via the police fraud squad as it's presumably showing a pattern of fraud...

Kernel_Sanders

TruthSeaker wrote: »

Hi all,

I am trying to figure out the best way to deal with a parking space investment within Bury Football Club which has stopped paying interest about half a year ago. The club itself is heavily in debt and since the owner has changed recently I am worried that they will not honour the contract both in terms of interest and original investment payback. In terms of legal details, my agreement is with a company-intermediary that holds parking space lease. This lease was passed on to me and another contract certifies intermediary's agreement to manage the parking space for me in return for a fixed interest. They are in significant financial
trouble and company-intermediary is likely to dissolve. To make things even more complicated, company-intermediary is owned by the same person as the club.

Has anyone successfully dealt with a similar situation? What is the likely outcome if intermediary dissolves? Will parking space lease go back to the football club?

schmo wrote: »

have you had any luck? My last payment was june and they aren't answering their phone or replying to emails. Any thoughts? As they are subletting the car park and Bury FC still own the freehold if they don't reply do you think we can "evict" them and go to Bury FC and ask them to pay us?

Paul6464 wrote: »

I have read the forum with interest and have already paid for a solicitor to look over the lease - I should hear back soon but I guess from the above and what I have seen of Mederco's history, it's not looking good.
Today, I looked up their address : Unit 18 Cunningham Court, Blackburn, Lancashire, BB1 2QX on Google street view and found the info board at the entrance to the business park. No answer at their phone so could see the resident at Unit 17 and spoke with them to see if anyone was next door.
Seems Mederco was actually in Unit 17 and the Company there now took over from them about a year ago, they left without any forwarding address etc....
Companies House says they're pretty kaput so not looking good. Bury themselves have another very similar scheme on the go now seemingly - principalinternational.co.uk/property/car-park-investment-bury - which presumably would end up the same way - perhaps there's something that can be done via the police fraud squad as it's presumably showing a pattern of fraud...

This is getting very suspicious. We now have another newbie coming on saying they are involved in this obscure investment and they (or is it actually the OP?) are now using the Board to accuse a company of fraud.

Malthusian wrote: »

Just shy of £3 million for a plot of empty land with some white lines drawn on it in Bury. Nice little earner. For comparison, you can get this very attractive 5-bedroom manor with a gym and cinema with bar for around the same amount that investors collectively paid for the car park.

And you're nearly as bad, publicising the sale of your pad

Aretnap

As a general point and apropos of nothing in particular...


People who have lost money on dubious investments should be aware of the high likelihood of being targeted by recovery fraud. Roughly speaking this means that someone will contact you and tell you that they can get your money back if you pay them an upfront fee. Obviously once you pay them you never hear from them again, unless it is to ask for more money.


A popular variation is to pose as another victim and ask for funds to go towards a class action lawsuit... which of course never materialises.

Malthusian

Paul6464 wrote: »

Companies House says they're pretty kaput so not looking good. Bury themselves have another very similar scheme on the go now seemingly - principalinternational.co.uk/property/car-park-investment-bury

That's just the old one as far as I can tell. It's got a "Sold Out" sticker on it indicating that the scheme has closed.

perhaps there's something that can be done via the police fraud squad as it's presumably showing a pattern of fraud...

You can contact Action Fraud but you'll need some actual evidence. You invested in an ultra-high-risk unregulated investment involving a football club (no higher risk sector exists in the UK, due to the football creditors' rule) and it went splat. Running a failed investment is not fraud.

schmo

That's really good advice. Thanks a lot.

To those of us affected, I presume we are all from Bury? To negate that risk, how about we all agree to meet in person in Bury at some point and walk together to a recognised lawyer in Bury. If there's one thing Bury has lots of its Lawyers and charity shops soo shouldn't be difficult to find one.

schmo

Paul6464 wrote: »

I have read the forum with interest and have already paid for a solicitor to look over the lease - I should hear back soon but I guess from the above and what I have seen of Mederco's history, it's not looking good.
Today, I looked up their address : Unit 18 Cunningham Court, Blackburn, Lancashire, BB1 2QX on Google street view and found the info board at the entrance to the business park. No answer at their phone so could see the resident at Unit 17 and spoke with them to see if anyone was next door.
Seems Mederco was actually in Unit 17 and the Company there now took over from them about a year ago, they left without any forwarding address etc....
Companies House says they're pretty kaput so not looking good. Bury themselves have another very similar scheme on the go now seemingly - principalinternational.co.uk/property/car-park-investment-bury - which presumably would end up the same way - perhaps there's something that can be done via the police fraud squad as it's presumably showing a pattern of fraud...

To those of us affected, I presume we are all from Bury? To negate the risk of someone taking advantage of us pretending to help us, how about we all agree to meet in person in Bury at some point and walk together to a recognised lawyer in Bury. If there's one thing Bury has lots of its Lawyers and charity shops so shouldn't be difficult to find one!

I received a letter from teh liquidators today and they specifically said that we should look at getting independent advise. If we all chip in that advise will be much cheaper. I know Butcher and Barlow are pretty good in Bury if you guys are interested in speaking to them, but I'm happy to speak to anyone you recommend if you have someone in mind.

DCFC79

schmo wrote: »

To those of us affected, I presume we are all from Bury? To negate the risk of someone taking advantage of us pretending to help us, how about we all agree to meet in person in Bury at some point and walk together to a recognised lawyer in Bury. If there's one thing Bury has lots of its Lawyers and charity shops so shouldn't be difficult to find one!

I received a letter from teh liquidators today and they specifically said that we should look at getting independent advise. If we all chip in that advise will be much cheaper. I know Butcher and Barlow are pretty good in Bury if you guys are interested in speaking to them, but I'm happy to speak to anyone you recommend if you have someone in mind.

Paul hasnt been back since he last posted so might be lucky to get an answer from him.

schmo

Paul6464 wrote: »

I have read the forum with interest and have already paid for a solicitor to look over the lease - I should hear back soon but I guess from the above and what I have seen of Mederco's history, it's not looking good.
Today, I looked up their address : Unit 18 Cunningham Court, Blackburn, Lancashire, BB1 2QX on Google street view and found the info board at the entrance to the business park. No answer at their phone so could see the resident at Unit 17 and spoke with them to see if anyone was next door.
Seems Mederco was actually in Unit 17 and the Company there now took over from them about a year ago, they left without any forwarding address etc....
Companies House says they're pretty kaput so not looking good. Bury themselves have another very similar scheme on the go now seemingly - principalinternational.co.uk/property/car-park-investment-bury - which presumably would end up the same way - perhaps there's something that can be done via the police fraud squad as it's presumably showing a pattern of fraud...

DCFC79 wrote: »

Paul hasnt been back since he last posted so might be lucky to get an answer from him.

I don't know why some people even post on here if they don't come back and respond. The initial poster also hasn't been back.