Phenco limited

Clitherokid

Has anyone had any dealings with this company?
A recently deceased elderly friend was cold called by them about three years ago. She bought £12000 worth of shares! It’s also worth noting she could not read or write. Her solicitor has been told by them it may take years to receive recompense.

Malthusian

If I may be tiresomely pedantic, she paid £12,000 for shares. It's highly unlikely they were ever £12,000 worth of shares.

By "years" they mean never. The investment is almost certainly worthless. Leave the estate's solicitor to worry about the IHT position. Are you a beneficiary?

Clitherokid

No I’m not a beneficiary but I lent money to pay for the funeral expecting the estate to repay me. There is nothing in the estate except these shares!

AnotherJoe

Then you've been defrauded by whoever informed you these shares were worth anything. The executors?
A simple rule is, if someone phones you up out of the blue and sells you something, it's a scam and you can kiss your money goodbye.

ctdctd

What "shares" did Phenco Limited suggest your friend purchase?


Phenco Limited are still trading so what do they say about the shares?

Aretnap

The most recent accounts state the company's main asset as about a million quid worth of "investment in oil wells". Whether the oil wells exist, whether they produce any oil, whether anybody would actually pay a million quid for them and whether the shareholders will ever see any benefit from them are all somewhat imponderable questions at the moment (though if I were a betting man...).

However genuine oil companies do not raise capital by cold calling pensioners and persuading them to invest their meagre life savings in unlisted shares, so you should probably proceed on the assumption that your relative was scammed, that the shares will never have any value and that there will never be any recompense. That way if the estate gets a few hundred quid back a few years down the line it will come as a nice unexpected bonus. It's not with holding your breath for though I'm afraid.

Pension_Geek

Aretnap wrote: »

The most recent accounts state the company's main asset as about a million quid worth of "investment in oil wells". Whether the oil wells exist, whether they produce any oil, whether anybody would actually pay a million quid for them and whether the shareholders will ever see any benefit from them are all somewhat imponderable questions at the moment (though if I were a betting man...).

Sounds very much like the scam used in 'Not a penny more, Not a penny less'. Its a great shame that people still fall for these things.

AnotherJoe

I'd like the OP to explain who asked them to lend the money for the funeral and how they were aware of these shares as collateral and told they were worth £12k. They may well have a claim against them.

jimjames

What shares did they buy? The company that cold called might not be the company that the shares are in

pochisoldi

A search for Phenco Limited brought up this:
https://beta.companieshouse.gov.uk/company/09882965

"Nature of business (SIC)
70229 - Management consultancy activities other than financial management"

I suggest clicking on Filing History and then looking at the most recent Confirmation Statement to see if the deceased (or their executor) is listed as a shareholder.

Malthusian

The OP may want to edit their post to remove their number of shares. Combined with the gender of the victim, it appears to uniquely identify their late friend.