Landal Belvedere go into administration

mangoapple123

Last year I invested in landal belvedere for a lodge under a 5 year contract. 
Initial investment £84,950, with 8% net yield per year rental income, equated to £6796.
And buy back rate for 110% so £93,445, overall return £42,475.

For the first year received rent on time, then in June when due to receive rent they stated it would be late, then got another email from them stating it would be delayed further. Now have received an email saying the company Apple invest ltd who own landal barnsoul have gone into administration. They have sent an email with a debt form and have asked investors to sign and state that they agree with payment proposal.

However it only states "The entity that owns Landal Barnsoul is Apple Invest Ltd, the company has been placed into administration in order to resolve the dispute. We have informed the administrator that we wish to redeem the facility initially set up to fund the purchase and development of the sites and await their reply. Following confirmation the administrator will accept payment, we will then set up a new facility in order to exit you from this investment as per your contract. Once the administrator has accepted our payment we will be able to contact the park operator to release the rental income and bring your payments back up to date in the meanwhile." 

Anyone know what I should do, contacted solicitors waiting some advice from them.

jimjames

What does your contract say? Do you actually own a specific lodge or have you lent money to the company to buy one?  These are generally high risk investments and while you might own something you might also have no way to access it and be liable for charges to the park.

Probably best to wait for the solicitor that can actually look into the contract for you.

Albermarle

Probably not much use hearing it now, but a guaranteed return of 10% pa for 5 years, is very much in the ' a bit too good to be true category' so not surprising there are issues arising. Often the weak point in these types of arrangements is what happens if the company involved get into trouble.

"The entity that owns Landal Barnsoul is Apple Invest Ltd, the company has been placed into administration in order to resolve the dispute.

Any idea what this dispute is?

daveyjp

Have a read of the Administrators report.

https://find-and-update.company-information.service.gov.uk/company/11004176/filing-history

Looks and smells like a very messy ponzi scheme where any guaranteed payments relied on continual sign up of new investors, but that's for others to work through.  £9.2m owed to 'plot investors', some initial 'rents' paid.

The name did appear familiar so I did a quick search.

https://forums.moneysavingexpert.com/discussion/6275401/landal-greenparks-lodge-investment/p1

it looks like as per the above thread it won't end well.

Ayr_Rage

Try and get your head around all this.

https://www.dailyrecord.co.uk/news/local-news/firm-believed-dumfries-galloway-site-32965690

https://www.pressreader.com/uk/the-galloway-news/20240725/281608130684074

Hoenir

Albermarle said:

Any idea what this dispute is?

Comprehensive administrators report on Companies House. Appears extremely messy with person at the centre somewhat uncooperative. 

mangoapple123

jimjames said:

What does your contract say? Do you actually own a specific lodge or have you lent money to the company to buy one?  These are generally high risk investments and while you might own something you might also have no way to access it and be liable for charges to the park.

Probably best to wait for the solicitor that can actually look into the contract for you.

I believe we are owners of the land as we were given a lodge plot deed. 

mangoapple123

Hoenir said:

Albermarle said:

Any idea what this dispute is?

Comprehensive administrators report on Companies House. Appears extremely messy with person at the centre somewhat uncooperative. 

It said this in the email.

Once again we sincerely apologise for the delay with your payment. This has been due to an internal dispute between the park owner and construction project manager. The park operator has therefore made the decision to retain income received from holidaymakers until the dispute has been resolved. We have of course objected to this and it is currently in legal dispute.

Eyeful

Please tell us
1. How you came to hear about this investment opportunity?
2. What research you did into this investment before handing over your money?
3. What attracted you to this particular investment ahead of something like a stock market fund?
4. How long have you been interested in investing?


 

flaneurs_lobster

Eyeful said:

Please tell us
1. How you came to hear about this investment opportunity?
2. What research you did into this investment before handing over your money?
3. What attracted you to this particular investment ahead of something like a stock market fund?
4. How long have you been interested in investing?

Can probably answer Q3 for the OP, 8% return on £85k for five years. I mean, why wouldn't you......

Eyeful

Because in 2023

1. Vodafone had a yield of over 10% if you like to take risks.

2.  8% was 2 times the yield of the FTSE 100.
     Which for me = very high risk!

3. You of course already knew that. I just wondered if the OP knew it.