Storefirst

richspk · 24 September 2018 at 9:12PM

I am looking for some current news/help with storefirst investment.
I like many others made a personel investment in 2014/2015 on the advice of a Manchester based financial advisor (now bankrupt) in what was described to me as a low risk, get your money back anytime investment,the first two years I received a divided as promised but since then I have had nothing back.
A few weeks ago I have recieved notification from HMRC of a pending application by Storefirst to shift business rates from themselves to become my responsability, now this week I recieve a demand (with financial penalties if I dont pay within 30 days) from a compny called Ground Rent Ltd to pay annual ground rent for my POD.

Can any other investor advise if this has happened to them and what is the best way to treat these extra financial demands on an investment with no potential return ??

Malthusian · 24 September 2018 at 10:12PM

Was the adviser FCA regulated? If so you can make a claim to the FSCS. What is their name and do they appear on the FSCS list of firms in default?

Do you mean Ground Rental Limited? Reason I ask is that Ground Rental Limited and Store First are one and the same - both subsidiaries of Group First.

Personally I would tell them to sod off and repossess the pods rather than throw any more good money after bad.

You may already be aware that the Government has petitioned to wind Store First up and a court hearing is due this year. Did you get a questionnaire?

Keep_pedalling · 24 September 2018 at 10:54PM

Some background to the buisiness rates issue for you.

https://www.valuationtribunal.gov.uk/wp-content/uploads/2017/10/Store-First-Ltd-v-Moore-VO.pdf

https://bondreview.co.uk/2018/02/28/more-misery-for-store-first-investors-as-store-first-tells-them-they-are-liable-for-business-rates/

dunstonh · 24 September 2018 at 11:16PM

I like many others made a personel investment in 2014/2015 on the advice of a Manchester based financial advisor (now bankrupt) in what was described to me as a low risk, get your money back anytime investment,the first two years I received a divided as promised but since then I have had nothing back.

Whilst I sympathise with your situation, it would be wrong to say "many". Less than 1% of investments use unregulated rubbish. It certainly has been an issue but you really need to be on guard with get rich quick schemes.

Can any other investor advise if this has happened to them and what is the best way to treat these extra financial demands on an investment with no potential return ??

If you used a financial adviser as you say then it's easy. You make a complaint to the FSCS. The problem is if you didn't use a financial adviser but someone that pretended to be one.

richspk · 25 September 2018 at 8:29AM

Thanks for your response i will check up on the financial advisor but I fear that they where not FCA, will that make it difficult to claim or impossible ? and yes your correct it was Ground Rental Ltd, I had my suspicions that they would be one and the same from their tone in the letter.

Thanks again

dunstonh · 25 September 2018 at 9:17AM

Thanks for your response i will check up on the financial advisor but I fear that they where not FCA, will that make it difficult to claim or impossible ?

If they were not authorised by the FCA then they were not financial advisers. Some of these schemes did use one. Some didnt. So, that is really your first step.

The register is here: https://register.fca.org.uk/ShPo_HomePage

You can search by firm name or adviser name. If you need help, then there are many of us here that can find entries etc on that site.

Recently, there have been some decisions which made the SIPP provider liable. This is a grey area and not one that appears to be consistent in outcomes. It is basically the next stage you go to if the person wasnt FCA regulated.

Malthusian · 25 September 2018 at 10:06AM

dunstonh wrote: »

Recently, there have been some decisions which made the SIPP provider liable. This is a grey area and not one that appears to be consistent in outcomes. It is basically the next stage you go to if the person wasnt FCA regulated.

The OP's sentence "I made a personal investment" suggests that there is no SIPP provider involved, unfortunately.

If your "adviser" was unregulated then you still have a legal claim. The problem is that they are already bankrupt so we already know there is zero chance of recovery from the "adviser". If you used an FCA-regulated adviser, the Financial Services Compensation Scheme will cover the claim up to £50,000 per person. If they were not regulated you are on your own.

richspk · 25 September 2018 at 12:49PM

Thanks for the informtion, yes it was a personel investment no SIPP provider involved, I have checked on the FCA register and the so called finacial advisor London Investment Agents Ltd are not registered and have gone into voluntary liquidation,so I guess i have no redress just an asset that has no saleable value.?

dunstonh · 25 September 2018 at 2:25PM

Thanks for the informtion, yes it was a personel investment no SIPP provider involved,

!!!!!!. That cancels out the SIPP provider avenue.

have checked on the FCA register and the so called finacial advisor London Investment Agents Ltd are not registered and have gone into voluntary liquidation,so I guess i have no redress just an asset that has no saleable value.?

That means they were not a financial adviser. Effectively you were scammed and lied to if they presented themselves as such.

Unfortunately, it also means that the Financial Services Compensation Scheme is not available to you as that only covers regulated investments or investments put in place by a financial adviser.

The legal route is open to you but the company is in liquidation and had only £1052.30 estimated assets as of 13th December 2017. So, even if you were successful in court, it would be a hollow victory with you suffering costs.

maggot_drowner · 27 September 2018 at 9:30AM

I had a very lucky escape with these fraudsters.

Nearly transferred all my £60K pension pot but backed out at the last minute after doing a bit of digging myself and not being totally happy with the advice I was given.

gibbsb · 3 October 2018 at 11:35AM

Ground rental will be another scam
As we are now likely to be liable for business rates, are there any forums where investors can come together to discuss issues and potential action. e,g Facebook group, Snapchat etc.

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