Jump to content
House Price Crash Forum
cashinmattress

Harlequin Property Applies To Go Into Administration

Recommended Posts

link

SOUTH Essex multi-million pound Caribbean investment firm Harlequin Property has applied for its sales arm to go into administration.

The business run by the Ames family from Wickford which is promoted by big name sports celebrities lodged an intention to appoint administrators for Harlequin Management Services (South East) Limited, of Honywood Road, Basildon, at the High Court in London yesterday.

A statement signed by director Carole Ames, of Brock Hill, Wickford, said: “The company is or is likely to become unable to pay its debts.”

She intends to appoint London accountants Shipleys LLP as administrators.

It has prompted fears over the future of at least 6,000 investor’s deposits, many paid through personal pensions, and around 40 jobs at the Basildon head office.

The company, which is promoted by former Wimbledon champion Pat Cash, golf legend Gary Player and footballer Andy Townsend and trades as Harlequin Property, has taken more than £300million in deposits from at least 6,000 investors for off plan luxury holiday accommodation across the Caribbean since 2006.

However, it has so far built just around 300 of the thousands of properties and is being investigated by Essex Police, the Serious Fraud Office and Financial Services Authority.

It is unclear as yet what will happen to the Caribbean registered companies which own and planned to develop the resorts.

The move comes after around 40 investors served statutory demands on the firm for monies owed to them which could have lead to a winding up petition if left unpaid.

Let's see...

Off plan.

Out of country property.

Fronted by paid celeb endorsements.

Britain truly is home the dumbest rich folk in the world.

Sometimes you just have to say that people deserve what they get, or lose.

Edited by cashinmattress

Share this post


Link to post
Share on other sites

link

Let's see...

Off plan.

Out of country property.

Fronted by paid celeb endorsements.

Britain truly is home the dumbest rich folk in the world.

Sometimes you just have to say that people deserve what they get, or lose.

Like Gordon's economy - Harlequins flogging an 'illusion' (pack(age) Jokers)

Share this post


Link to post
Share on other sites

" has taken more than £300million in deposits from at least 6,000 investors for off plan luxury holiday accommodation across the Caribbean since 2006."

Didn't people notice something happening with property as an investment in 2007.

The depositors only have themselves to blame.

Share this post


Link to post
Share on other sites

There's plenty of nicely produced YouTube videos on Harlequin properties....

View of exotic Caribbean islands where Mr Ames and his pals are spending the depositers money.

Here's the shiny charlatan pimping himself...

Share this post


Link to post
Share on other sites

link

Let's see...

Off plan.

Out of country property.

Fronted by paid celeb endorsements.

Britain truly is home the dumbest rich folk in the world.

Sometimes you just have to say that people deserve what they get, or lose.

"Harlequin"

Def: "A clown; a buffoon."

Google images: https://www.google.co.uk/search?q=harlequin&num=40&safe=off&source=lnms&tbm=isch&sa=X&ei=-G12UaLNCPOy7AaQ3YHQCw&ved=0CAoQ_AUoAQ&biw=1280&bih=888

Share this post


Link to post
Share on other sites

There's plenty of nicely produced YouTube videos on Harlequin properties....

View of exotic Caribbean islands where Mr Ames and his pals are spending the depositers money.

Here's the shiny charlatan pimping himself...

@RSE.

Edited by eric pebble

Share this post


Link to post
Share on other sites

"Our business model. We want it to be affordable for our investors. You raise 30%. Say you want to invest £100,000, you raise £30,000 and say that costs you £250 a month. We then pay that £250 a month to you so it costs you nothing because our investors are our partners"

:lol: I couldn't listen to any more after about 3 minutes.

It sounds like you can't lose. They are so generous and the investor doesn't put in hardly anything really. Mmm. So why do they need the investor at all? :blink:

:)

Share this post


Link to post
Share on other sites

Anyone that gave that man money deserves everything they get.

It seems Harlequin were a recommended investment vehicle for SIPP providers.

http://www.ftadviser.com/2013/04/05/investments/alternative-investments/scrutiny-of-harlequin-property-continues-0iGPbYIAeoSm0LsWt1AzaP/article.html

"Money Management has previously covered advisers’ concerns around a pitch email sent by Harlequin offering “the chance to earn a considerable amount of commission”.

That I can believe.

EDIT: add: The whole grisly tale is well covered by the Barbados Free Press: http://barbadosfreepress.wordpress.com/tag/harlequin-hotels-and-resorts/

Edited by dryrot

Share this post


Link to post
Share on other sites

It seems Harlequin were a recommended investment vehicle for SIPP providers.

Erm ...

Notice that "SI"? It stands for "Self-Invested". Whatever you hold in your SIPP is your own choice, not some fund manager's. So the only relevant question would seem to be whether it was legal in a SIPP. Assuming it is, the reason someone might want to hold it in a SIPP is to fund their investment with untaxed money. Same reason you'd buy anything else in a SIPP.

If professional financial advisors have been promoting it, they may have questions to answer. But that's a different issue.

I hadn't even heard of this Harlequin before today. But then, I'll never be in the market for property in such exotic places.

[edit to add] Indeed, if you have an investment which you expect to lose money, then holding it in a SIPP is supremely efficient. As in, pay for your porsche or your yacht with untaxed money. Except the rules don't allow that - unless you have some ingenious wheeze to find a loophole.

Edited by porca misèria

Share this post


Link to post
Share on other sites

"Our business model. We want it to be affordable for our investors. You raise 30%. Say you want to invest £100,000, you raise £30,000 and say that costs you £250 a month. We then pay that £250 a month to you so it costs you nothing because our investors are our partners"

:lol: I couldn't listen to any more after about 3 minutes.

Can you say pyramid scheme?

The £250 a month (10% return) keeps coming until the £30k injections run out.

Edited by Executive Sadman

Share this post


Link to post
Share on other sites

link

Let's see...

Off plan.

Out of country property.

Fronted by paid celeb endorsements.

Britain truly is home the dumbest rich folk in the world.

Sometimes you just have to say that people deserve what they get, or lose.

They say you can't fool all of the people all the time - well apparently you can for the 6,000 investors in that scheme!

They've got an airline too apparently - 2 Piper Chieftains - here's a picture of those luxury (30 year old) airliners ...

Longest route - just under 3 hours - can't wait to fly that !!! Without a loo on board...

B)

Share this post


Link to post
Share on other sites

link

Let's see...

Off plan.

Out of country property.

Fronted by paid celeb endorsements.

Britain truly is home the dumbest rich folk in the world.

Sometimes you just have to say that people deserve what they get, or lose.

They say you can't fool all of the people all the time - well apparently you can for the 6,000 investors in that scheme!

They've got an airline too apparently - 2 Piper Chieftains - here's a picture of those luxury (30 year old) airliners ...

Longest route - just under 3 hours - can't wait to fly that !!! Without a loo on board...

B)

100_437612.jpg

post-3071-0-98635800-1366811705_thumb.jpg

Share this post


Link to post
Share on other sites
applied for its sales arm to go into administration

I was going to laugh, and then I realised what they had probably done is keep the company is separate sections.

People paid money into one section, which gave it to another.

The section they gave their money too goes bust.

The other section probably still has all the money.

Share this post


Link to post
Share on other sites

I was going to laugh, and then I realised what they had probably done is keep the company is separate sections.

People paid money into one section, which gave it to another.

The section they gave their money too goes bust.

The other section probably still has all the money.

On the upside though at least one resort is open :-

Tripadvisor reviews...

http://www.tripadvisor.co.uk/Hotel_Review-g147380-d1719145-Reviews-Buccament_Bay_Resort-St_Vincent_St_Vincent_and_the_Grenadines.html#REVIEWS

Share this post


Link to post
Share on other sites

Anyone that gave that man money deserves everything they get.

A target customer.

EDIT: the above guy (Patrick Souiljaert) has cerebral palsy but wants to make a £1million in property. You can see his progress (and the result of his request for a refund from harlequin at: http://sussexpatrick.com/

You can't make this up...

Edited by dryrot

Share this post


Link to post
Share on other sites

Harlequin Property in trouble?

http://www.dailymail.co.uk/news/article-2287140/Tycoon-accused-taking-300m-British-investors-faces-freeze-assets-failing-build-luxury-homes.html

But Phil Spencer said Harlequin was a winner! Said 'I am investing...I'm happy with the business model..'

Hear him on Moneybox today, as the sorry saga is revealed. 1 min 40 secs onwards...

http://www.bbc.co.uk/iplayer/episode/b01s3797/Money_Box_Investors_fear_for_their_cash_in_an_overseas_resort_scheme_and_chargeback_complications./

Share this post


Link to post
Share on other sites

These are based just up the road from me. It's been a regular in the local paper for a about 3 years. Basically they've been selling Caribbean developments off plan then not bothering to build them and not giving anyone their money back.

Share this post


Link to post
Share on other sites

Surely some mistake. Phil Spencer is a property expert he wouldn't get conned out of a load of money and because he is a house hold name help convince a load of people to lose their money as well would he?

Share this post


Link to post
Share on other sites

I was going to laugh, and then I realised what they had probably done is keep the company is separate sections.

People paid money into one section, which gave it to another.

The section they gave their money too goes bust.

The other section probably still has all the money.

That sounds like fraud to me. :blink: :angry:

Check out the video dryrot posted:- A target customer.

Share this post


Link to post
Share on other sites

[deleted]

But Phil Spencer said Harlequin was a winner! Said 'I am investing...I'm happy with the business model..'

Hear him on Moneybox today, as the sorry saga is revealed. 1 min 40 secs onwards...

http://www.bbc.co.uk/iplayer/episode/b01s3797/Money_Box_Investors_fear_for_their_cash_in_an_overseas_resort_scheme_and_chargeback_complications./

Excellent find! I could'nt get the actual ad anywhere online so the BBC clip is a keeper. Our Phil is described as "Presenter of C4s 'Location Location Location'" and his full quote is:

"I can see the vision is becoming a reality. Harlequin is what it says it is. I am investing and nobody did me a good deal or anything I'm happy with Harlequin model"

Moneybox describes David Ames as a "twice-bankrupt former double-glazing salesman." Apparently he raised £250m?

Edited by dryrot

Share this post


Link to post
Share on other sites

He and Kirsty are basically a bit thick...so much so that they don't even know it. Despite being privately educated he and Kirsty have very low level qualifications - an indicator albeit not proof.

I knew a lot of people like that at work - really bullish, confident types. I used to refer to it as 'the confidence of ignorance'.

I realized quite a few years ago from my own experience that arrogance and stupidity often go hand in hand.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 243 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.