The High Street Group

The High Street Group offers unregulated loan notes paying 18% after 18 months (11.66%pa compounded) or 5% every 6 months for 18 months (10.28%pa IRR).

The investment is not advertised via The High Street Group’s website but is publicly available on introducers’ websites.


Open to new investment.

Who are High Street Group?

Gary Forrest, High Street Group Chairman

High Street Group’s leadership is detailed on its website. Gary Forrest is the Chairman and owns 100% of High Street Grp Ltd, the parent company.

The investment literature states that the group was founded in 2006 but Companies House shows that High Street Grp Ltd was only founded in 2011. The High Street Group’s website was registered in November 2010.

The business appears to have taken off in the last few years, with net assets rising from £22,000 in the December 2015 accounts to £26 million in December 2016. This increase is primarily due to Investments of £26 million being recorded in 2016 vs nil in 2015. These investments are indicated to be High Street Group’s various subsidiary companies in the notes to the accounts.

The investment literature claims that the group made 26 million profit in 2016 and has 100 employees. This is curious, because that level of profit and workforce would require the group to file full accounts with Companies House, yet High Street Grp Ltd’s last accounts (30 December 2016) were filed under the small company regime. This means the accounts did not have to be audited or display a profit and loss statement.

How secure is the investment?

These investments are unregulated corporate loans and if High Street Group defaults you risk losing up to 100% of your money.

Investors’ money is secured against the assets of the group – specifically a “debenture over High Street Commercial Finance Limited” (one of HSG’s subsiaries) “along with a Corporate Guarantee from the group of companies”.

Before relying on this security, it is essential that investors undertake professional due diligence to ensure that in the event of a default, that their charge against the group’s assets is propertly recorded, and that the security is valuable and liquid enough to raise sufficient money to compensate investors.

Should I invest with High Street Group?

As with any unregulated corporate bond, this investment is only suitable for sophisticated and/or high net worth investors who have a substantial existing portfolio and are prepared to risk 100% loss of their money.

Any investment offering 11.66% per annum yields should be considered very high risk (i.e. higher risk than a diversified portfolio of stockmarket funds).

This particular bond is described as asset-backed. Before relying on the security backing the bond, investors should undertake professional due diligence to ensure that a) the security exists b) in the event of default, the security could be easily sold and would raise enough money to compensate all the investors c) their charge over the security will be properly and legally recorded.

Before investing investors should ask themselves:

  • How would I feel if the investment defaulted, the sale of the security failed to raise  enough money to compensate all investors, and I lost 100% of my money?
  • Do I have a sufficiently large portfolio that the loss of 100% of my investment would not damage me financially?
  • Have I conducted due diligence to ensure the asset-backed security can be relied on?

If you are looking for “security”, you should not invest in unregulated products with a risk of 100% capital loss.

154 thoughts on “The High Street Group

  1. Hello There. I have a problem with the high street group article? Is states that the company is unregulated – which is true. However, you have failed to mention Castle Financial Trust who both work on behalf of HSG’s investors and is both FCA and FSCS regulated? A company which will liquidate any assets of the company fails to make payment. What you also failed to mention in that the 15 years HSG has been alive, they have a 100% track record with every single penny been paid back to investors. Maybe you should get ALL the facts straight before you right an article like this.

    I would imagine you might want to amend this now. Thank you

    Liked by 1 person

  2. Is states that the company is unregulated – which is true.

    Good start.

    However, you have failed to mention Castle Financial Trust who both work on behalf of HSG’s investors and is both FCA and FSCS regulated? A company which will liquidate any assets of the company fails to make payment.

    There is no such firm on the FCA register. And no such thing as “FSCS regulated”.

    An unregulated loan note issued by an unregulated company is an unregulated investment. Whatever FCA-regulated firms it may employ for ancillary duties is irrelevant.

    What you also failed to mention in that the 15 years HSG has been alive, they have a 100% track record with every single penny been paid back to investors.

    This oft-parroted cliche is completely meaningless. If they didn’t have a 100% track record they wouldn’t be soliciting investment.

    And added to that, the company soliciting investment (High Street Grp Limited) was only incorporated in 2011 (and was dormant until 2013), and its website domain was registered in 2010. There is no evidence that it existed prior to those dates.

    Maybe you should get ALL the facts straight before you right an article like this.

    Feel free to tell me which facts I haven’t got write.

    I would imagine you might want to amend this now.

    You imagine wrong.



    If you follow this link you will find that Castle Trust is in fact on the FCA register list. What you also wouldn’t know is that every single payment gets paid into Castle Trust before being transferred to HSG. This way Castle Trust are able to record every single transaction so whenever a financial body wishes to investigate the company financial – which they have multiple times – everything is above board and protected. I hardly think there is a likely hood of a £100,000 investment couldn’t be paid back using 69 million in assets.


  4. If the company is so keen on multiple financial investigations, why does it not have its annual accounts audited?

    And why is High Street Commercial Finance Limited, the issuer of the loan note, four months overdue with its accounts?

    The company’s claims as to its financials are of no value from a due diligence perspective if they are not independently audited. No sensible lender lends their money based solely on what the borrower claims about their ability to pay.

    The fact that investors’ money goes in and out of a payment processor is similarly irrelevant.

    If High Street Group runs out of money to service its debts – an inherent risk with any loan to a micro-cap small company – the payment processor will most likely walk away, saying it isn’t being paid. Alternatively it would appoint administrators, which the creditors could do for themselves. The FSCS does not apply here.


  5. The fact that the accounts are late pays no risk to the investors. The clients have a first legal charge on their investment, meaning HSG pay their investors before anyone else. Plus all investors are self certified – this isn’t just an investment for the general public. They do business with a very niche market of sophisticated investors.

    If HSG runs out of money? Yeah, I’m sure all those 69 million assets are just suddenly going to disappear? Their mutiple steams of liquidity plus their long list of assets is by far enough keep paying back returns.

    Obviously HSG themselves aren’t going to be FCA approved because they are in the property sector; they aren’t a financial body. Which is why we have Castle Trusy in place. FCA approved companies can still be cowboys. Even the biggest FCA approved companies make mistakes; the banks are the biggest cowboys in the market!

    Being FCA approved doesn’t even guarantee that you’ll get compensated. Which is obviously where the FSCS step in; who of which can compensate you. The security on this is so high and so important; which is exactly why HSG require all investors to be self certified first, and that they don’t offer this to the general public.


  6. The fact that the accounts are late pays no risk to the investors.

    Well that’s alright then.

    The clients have a first legal charge on their investment, meaning HSG pay their investors before anyone else. Plus all investors are self certified – this isn’t just an investment for the general public. They do business with a very niche market of sophisticated investors.

    In which case I’m not sure why a blog pointing out what all your sophisticated investors will already know about the high risk nature of these investments is such an issue for you.

    If HSG runs out of money? Yeah, I’m sure all those 69 million assets are just suddenly going to disappear? Their mutiple steams of liquidity plus their long list of assets is by far enough keep paying back returns.

    Let’s be clear here, are you saying that no company with £69 million in assets can go bust?

    In any case, the issuer here is High Street Commercial Finance which has gross assets of c. £22.5m and net assets of £892k according to its most recent (and moth-eaten) accounts from Dec 2016.

    Being FCA approved doesn’t even guarantee that you’ll get compensated. Which is obviously where the FSCS step in; who of which can compensate you.

    Let’s be clear here, in exactly which circumstances are you saying the FSCS will compensate investors in High Street Group’s loan notes?


  7. HSG have an estimated £700 million worth of developments in the pipeline for the next 2/3 years. There’s an extremely unlikely possibility of HSG going under with these plans in place. In case of a default in payment, Castle Trust will either refinance the properties with the bank so they can afford to pay clients, or even sell the buildings to make payments. There are multiple ways of ensuring payment for investors.

    And even in an unrealistic scenario that HSG for whatever reason do have to declare bankruptcy anytime soon, their massive residential buildings, chain of hotels and bars, homes all still have a value, and which would all be sold. Like I mentioned, the clients all still hold the 1st legal charge and will always be paid first no matter what.


  8. High St Group are stating they have a 100% track record of paying back investors my loan note was due to mature in March but High St Group have defaulted on this and exercised the right to extend this by 6 months. When i contacted them as to why i would not be paid on time they said it was due to planning permission.


  9. Curious. If HSG have £700 million worth of developments in the pipeline then why would one particular project meeting planning permission problems prevent HSG returning investors’ capital on time? No doubt Louis will be able to clarify.

    Planning permission problem is only the first stage in a retail development so how much is an extra six months’ going to help? How likely is it that even if planning permission is granted tomorrow, HSG can get the development built and ready for sale or refinance within six months?


  10. I have been looking into investing with this company for the past 4 months. Reading through the above blogs it makes me slightly nervous to read that Paul Davies has not received a return. It does not fill me with confidence to move forward. Is their anyone on here who can support if this is a good or bad investment and why?


  11. Paul Davies – is this the first year anniversary for you? Have you been investing in HSG for some time (without issues) or is this your first year?


  12. Funny that. Louis has vanished!

    69 million in assets does not mean anything when the debt outweighs the asset value and considering that none of their assets have actually reached practical completion and they have been raising funds from investors blindly for years, paying upwards of 25% commission per sale to 3rd party brokers like FJP Investment, 18% – 22% per annum to investors means their liabilities massively outweigh their asset value.

    Also worth noting, is that all of their “asset value” is based on Director’s valuations – I am no Accountant but even I can see that in their financials. Not one completed development, and all their “guaranteed” figures based on valuations – when the residential sector sees a plummet in property value I think they are going to be unstuck.

    My understanding based on assets of £69m and that combined with their turnover claims would mean they need to audit no? Pretty sure its a breach of HMRC and Companies House ruling to file small company accounts when you are not a small company??

    Please enlighten me if I am wrong there.

    Lastly, I find it very difficult to understand how hundreds of investors ALL hold a first charge? Firstly, its called a first charge for a reason, are the banks or high street lenders not involved at all? Because the charges on Companies House beg to differ, and also what kind of investment with a first charge on an “operational asset” pays 18%?!?

    Its actually quite laughable really.

    Has anyone actually invested with these people and seen a successful investment, again purely out of curiosity?


  13. I’m having a lot of trouble with the arguments being presented in these comments to this blog.

    Louis Jan 31st: “you have failed to mention Castle Financial Trust who both work on behalf of HSG’s investors and is both FCA and FSCS regulated?”

    Louis Feb 1, “Plus all investors are self certified – this isn’t just an investment for the general public. They do business with a very niche market of sophisticated investors.”

    The FSCS reference is a complete red herring in my opinion. As Brev stated, there is no such thing as FSCS “registered” anyway but investors are most likely not permitted to access the FSCS.

    My question also, is who gave the financial advice – if any? Castle Trust Capital plc, FCA registered number 541910 appears the have limited permissions that do not include, as far as I can tell, giving of investment advice. So I guess it wasn’t them. My other question is whether the investors really are “sophisticated”? There are clearly defined legal criteria for “sophisticated” and for the self certification process in the FSMA 2000 (Financial Promotion) Order 2005 No. 1529, Schedule 5, Part 2 – – and the legislation specifies “the statement to be signed … must be in the following form and contain the following content” and goes on to list two parts. The first part is the investor’s understanding of 4 things, a) – e) which contains statement that you may lose significant rights such as Ombudsman Services and the FSCS. The second section then includes 4 things that define you as “sophisticated” and only one needs to apply. So I question whether investors are “sophisticated” or simply asked to sign they were but don’t meet the criteria – this has been shown to be the case in some high profile pension scams – like Capita Oak, Henley and Westminster. Mr. N in PO-12763 learned he had signed as sophisticated but in fact was not.

    I imagine Castle Trust did not provide investment advice. Their permissions appear to be an “execution” only. So FSCS would only apply if they contravened their authorised permissions, for example if they loaned investors money to their own business and then went bust then I feel the FSCS would be applicable because that is a direct contravention of FCA rules. They are not permitted to invest client money in their own business. Since I assume they are not contravening their authorised permissions I guess their FCA registration and reference to FSCS is completely irrelevant to investors and I am sure sophisticated investors would know this – which is why I question if they really are sophisticated.

    One person commenting, Paul Davies Feb 11, is an investor so it would be useful if Paul could confirm he is/was “sophisticated” and had signed a statement in the form set out by the legislation and was he advised by an FCA regulated adviser permitted to give investment advice?

    Another argument above, Louis feb 4th, that holds absolutely no credibility whatsoever is: “HSG have an estimated £700 million worth of developments in the pipeline for the next 2/3 years. There’s an extremely unlikely possibility of HSG going under with these plans in place.” Carillion – – could probably have used the same argument and look what happened there.


  14. Thanks for your findings. I decided to take this apart and investigate if it’s worth an investment, but you guys, among other facts, have convinced me that is it not. Thank you.


  15. Thankyou to Brev for an excellent article and for providing responses to the ridiculous challenges made.


  16. So what do investors get in exchange for converting their debt into equity?

    Converting debt into equity has two important consequences:

    1) HSG is no longer responsible for returning their money. To get their capital back, investors have to sell their HSG shares, which may be difficult if not impossible, as HSG is an unlisted micro-cap company.

    2) HSG no longer has to pay them interest. Dividends are paid at the discretion of whoever controls the company, in contrast to loan interest which is a legal obligation. And dividends can only be paid if the company is profitable. (This is assuming debt is converted into ordinary shares.)

    So what do investors get in exchange for taking on that extra risk? The interest on HSG’s loan notes is already almost 12%pa.


  17. I have invested in HSG. First anniversary will be 7th Sep 2019 where i am due 12% interest on my loan note. If I opt out of converting my debt to shares is my loan note investment at risk?


  18. Less pedantic answer: one potential reason for a company offering a debt-equity swap is that the company is not going to be able to return bondholders’ money on time. Converting the debt to equity allows the company to avoid default and liquidation, while the investors hope that eventually they will be able to sell their shares to recover their capital.

    Whether this is the case with HSG I don’t know. In part due to the failure of High Street Commercial Finance to file accounts on time, their current financial position is not publicly known.

    What reason have they given for why investors should convert their debt into shares?


  19. I was about get involved in this shit… thanks guys.. all the best to those who invested and trying to get their money back…


  20. Have also seen a similar but longer offering from Farrbury Capital:

    Loan note brochure:

    High Street Group story:

    Farrbury Website:

    Key Loan Note facts:

    Invest from £25,000 (no maximum cap).

    12% fixed annual return (bonuses available from the 2nd year).

    Flexible 1 – 7 year investment period.

    All funds secured against significant unencumbered assets.

    Debenture and Corporate Guarantee held by an FCA regulated Security Trustee.

    No exit fees or hidden costs such as stamp duty, legal fees, service charge, ground rent and general maintenance.

    Exit option every 12 months.

    Has anyone else done further due diligence on this?


  21. @Goutham: Well, aside from the obvious “sucker filters” in that investment pitch, there’s no way I’d trust 25 grand to a company that was incorporated less than a month ago.

    My general guidance for propositions like this is that you should only invest money you’d be happy putting on a horse at the bookies or staking on red at the casino. And either of those probably has more chance of paying out and would be tax-free.


  22. I previously made a comment back in January regards High Street Group defaulting on a loan note which was to mature in March .What was actually happening was the investment along with added interest was being deferred for 6 months But as I already had 2 investments both with well known companies MJS and LCF going in to liquidation at the same time I assumed that I was going to lose more money which anyone would think was going to happen . Over the last few months following conversations with various members of the High St Group and emails regarding this and other investments I have with them I am now of the opinion this is a good company and therefore I apologise for jumping to the wrong conclusions and just want to put the record straight . Paul Davies.


  23. Well that’s very good news.

    Perhaps you could let us know in September that you have received your capital back, and then the record would be put even straighter.

    What would also help put the record straight is if High Street Commercial Finance Limited filed their legally required annual accounts to December 2017, which have now been overdue for eight months.

    MJS and LCF? That’s some chronic bad luck. I sincerely hope HSG works out better.


  24. @Goutham don’t go near any of these so called bond or loan note companies, they just take your money and you won’t get it back. trust me.


  25. @paul daniels

    What introducer company did you go through for your MJS LCF and HSG investments?


  26. I was recently contacted by an introducer about this investment. HSG are now offering a bonus on any investment on top of a 12% per year interest. Bonuses start after the first year, increasing every year until the 12th year. At which point, investors would earn a 12% bonus on top of the original 12% pa return. Are these terms, which are more generous and designed to increase the length of any investment, a potential sign that HSG is suffering cash flow problems? It would seem unusual for HSG to offer more generous terms unless cash was needed urgently.


  27. I’ll reiterate my comments above about these interest rates implying casino-like levels of investment risk.

    Drawing form another earlier post above, the issuer – assuming it is High Street Commercial Finance Limited – has at last filed its (unaudited) 2017 accounts. And they show the company made a loss of approaching £12 million that year. And that’s after a (remember this is unaudited) revaluation of its investment holdings by a further £12.7 million. Amounts due from related companies have doubled to near £20 million, and it has to find £37.5 million to repay investors before 2022.

    I wouldn’t want to speculate on its performance through 2018, which remains opaque to mere investors.

    Is this a company you feel comfortable having your money for the NEXT TWELVE YEARS?


  28. High street group has a Fixed Investment Asset value of 41million. This is quite impressive. However when you look at accounts it says on note 4 ” Investment in subsidiary companies have been valued on a fair value basis. These valuations have been calculated by the directors with reference to the fair value of the net assets of each company and projected profitability. The historic cost of the investment is £100,101″ I am not an accountant but this doesn’t look that re assuring. Or am I not fully understanding the accounts.


  29. Does this mean that they have valued Fixed Asset Investments 400 times more than historic cost.. I guess you don’t pay tax until the asset is sold therefor its a great way to bolster balance sheet ad attract new investors.


  30. Hi Brev. I’ve recently been looking at investing in this company and have read all the comments on here. But something is missing. There is a deleted comment from 7 April which is followed by a comment from yourself on the same date which suggests the previous comment related to the company requesting the investor transfer from a Loan note to equity. This is continued for several posts after. Am I right? If not I am confused as to why you have raised this as there is no reference to it in previous comments. Can you clarify your comments please?


  31. The poster asked for their post to be deleted and I was happy to. They didn’t ask me to remove my (already posted) reply. Which is good as I didn’t have to say no.

    As you guessed the investor had received a debt-equity swap offer, as have others.

    Subsequent replies were to a different poster.


  32. What a great service this article and the comments provide! For “London Rooftop Apt.” High Street Group (via WestportInvest) offers 22% in year 7. Well, I have some land in Florida…


  33. Thanks for your prompt reply and confirmation Brev. Whilst I have no evidence or reason to doubt the previous investment track record, everything I have researched about this company tells me it is under stress – which will be no surprise to you. Also a few years ago I was scammed by a Chartered Accountant called Darren Upton (Google his name – your screen will light up!) who marketed a FOREX scheme. I vowed never to be caught out again. I mention this because of Paul Davies’s comments about the two previous investments he lost. Is he hoping it will be third time lucky with HSG?


  34. The more I look at it the less sense I can make out of it
    HSG Net Investment assets 41million. Historic cost of these investments100K. Investment assets have been revalued by the director
    Almost all the companies under the umbrella have a negative Net worth
    Hotel 52 ( a brand of HSG)whilst marketed as a glossy hotel looks more like a B& B ( google street view)
    Does anyone know if these guys have completed any projects. Lots of refrence to Hadrians Toweer which is the only development that seems to be taking shape

    Friends of mine recommended this loan note as they have been paid back, I feel this was in the early stages. I feel now the balance sheet has been propped up by a gross revaluation to attract more loans. Essentially looking like a façade to keep the loan note scheme going.


  35. I just read all the comments on this thread. There are lots of insinuations flying around that ‘of course, all bonds/loan notes are bent’ but not pointing out that you could have been investing with Woodford or Carillion…..

    The key thing is a lack of facts from those making accusations and then on top of that the sheer ignorance shown by people like Louis who are clearly ‘selling’ this investment and have no idea.

    There is NO first legal charge, investors have a debenture under a corporate guarantee. The valuations are provided by a third party accountant but caveated heavily.

    HSG may be guilty of using poor brokers with no knowledge of investment but their model of selling PRS to institutions is three years ahead of the game if you read reports from people like Savills, Knigh Frank. Their Milton Keynes site is nearly finished and if you live near Newcastle you’ll be able to see Hadrian’s Tower.

    Let’s be honest, most slagging this off are probably crap IFAs who sell crap pensions with no returns of life insurance bonds without understanding the tax position and those singing its praises are probably selling the loan note.

    Bottom line guys, if you are too poor to lose your funds don’t invest in this, or in any IFA recommended crap, just pay off your mortgage and win!!!


  36. HSG has a Fixed Investment Asset value of 41million. I quote ” Investment in subsidiary companies have been valued on a fair value basis. These valuations have been calculated by the directors with reference to the fair value of the net assets of each company and projected profitability. The historic cost of the investment is £100k. This is a quote directly from their accounts in companies house. It seems to be based entirely on Director valuation on future profits whilst the historic cost of investment is almost 400 times less. I think this is very explicit and cant imagine why anyone would consider this low risk.


  37. Thanks for all the comments and analysis above and they are really useful and helpful. I have been searching for information about HSG Loan Notes investment, I have now decided not to invest this. Thanks to everyone’s participation!


  38. As an investment property broker I can tell you I would not touch anything of HSG and therefore would not sell it to my clients.


  39. Really helpful information thank you Brev. I was very dubious of HSG (being marketed to me by Direct Property Investment) … sounded too good to be true and I suspect that it is just that.


  40. Recently looking at investing in HSG however after reading a lot of this thread and doing my own research I am turned off. I am now leaning towards my other investment option ‘Hunter Jones’. Does anyone have useful information regarding investing with HJ or why not to do it. I have seen numerous good reviews and have had informative conversations with representatives. From what I have seen they seem professional and know what they are doing. However looks can be deceiving hence why I am looking for more knowledgeable input . Any guidance appreciated.


  41. I am now leaning towards my other investment option ‘Hunter Jones’. Does anyone have useful information regarding investing with HJ or why not to do it.

    Hunter Jones is not an investment option but an intermediary.

    A Times article from 2016 states that Hunter Jones is an introducer for Empire Property Concepts.

    Empire Property Concepts was reviewed here.

    If Hunter Jones are now marketing anything different then feel free to forward the details.

    Reviewers on Google reviews accuse the company of cold-calling them, an accusation Hunter Jones does not deny (its defence is that their mailing list was supplied by a third party, however calling people up from a database supplied by a third party is still cold-calling). The general rule is not to invest with any company that uses cold-calling. See a regulated Independent Financial Adviser.

    I have seen numerous good reviews and have had informative conversations with representatives.

    Reviews on the likes of Trustpilot and Feefo are completely worthless and not a substitute for due diligence.


  42. Where is all this nonsense coming from?!

    I have been an investor since 2012 and invested in multiple investments that High Street have put forward. I have always had my money and interest returned. I have money in the 12 month loan note as well as the new Manchester site they have just launched.

    They have dealt with large institutions which are on such sites as the Financial Times (I was shown this by my IFA – No I imagine such companies as this would not deal with anyone shoddy!

    I believe these accusations are being made by people with hidden agendas and it isnt fair to worry existing investors like myself.

    Happy to speak to anyone direct about my experience!


  43. @ Peter Mason: Is your “IFA” actually authorised by the FCA? The fact that HSG can offload one site to a grown-up developer doesn’t mean that the rest of their operations are going to be successful.

    Indeed, I wonder why they don’t sell other sites and avoid taking on the development risk in the present economic environment; one possible explanation is of course that they can’t (or can’t now – that RNS you linked to is two years old), another is that the sale of that site is what’s funding your interest and redemptions and HSG is eating its own capital to keep you sweet for the long game. I’ll grant that other, more benign, explanations are also possible – but it all comes down to due diligence in the end.


  44. Wow what a roller coaster of comments! The projection of many of these these questions about HSG in such a demonizing way is really fantastical. Reminds me of the days of that singing pig site.

    Ok i’m only in my 40’s so maybe not lost as many times as some investors but it would be prudent to ask for answers not suggest a nightmare at every turn before you know it is.

    I am typically a skeptical realist so when a fellow investor chum told me they put money in HSG last year I took a look. (I should point out I was offered HSG about 4 maybe 5 years ago and due to the limited track record I immediately dismissed it for a flash in the pan scam) The next time I saw him I asked him some gritty questions that scared the life out of him! Nothing too serious just regarding lending money for distressed plots and the fact that the down valued sites as security wasn’t offering the security he thought he had due to potential liquidation and the charges by the liquidators who take their exuberant fees before he would get his money back and and a few other ‘holes’ that i’d pulled up as a skeptic without reading and understanding more about HSG.

    A couple of weeks later he came back saying ask them, they explained a whole lot to me that I couldn’t memorize but it made me comfortable. The strategy they employ and the work they do before raising cash showed me how the site was making profit immediately without scratching the ground, that helped me feel secure, talk to them they explain it better than me.

    I called him out immediately and said what profit! A distressed site is worth what someone pays for it no more. He rabbited on about planning value added and valuations they had and had clearly been explained a lot by someone. I never did call as I’d just gained planning and had a small development of my own to work through. Wish I hadn’t it became complex! But that’s another story.

    Based on the comment above yes prior performance and relationships are no indication of future etc etc etc but the model and explanation and paperwork that HSG have projected since i first looked at it excels in comparison to many similar out there (yes I have an spam box full of agents pitching the crap out of me I delve into from time to time). That’s what made me look more closely as I’ve seen very pretty pictures painted be terrible in the past. I was rather surprised to see the paper trail match and when posed with what I foresaw to be awkward questions, really interesting and well thought through responses were provided.

    Remember property can take a turn, delays can happen. Unlike mine which slaughtered my returns,as someone said earlier who said had a delay with one HSG return they appear to pay on time or with additional interest accrued if a delay occurs. As that delay is within the terms and adds additional profit it’s worked better for them than my development did (I’ve not given investing in myself a sour taste have I!) so their track record for several years appears good.

    The previous relationships with large institutions are an indication that the move to equity could provide an opportunity for increased profit, as they can clearly play with the big boys. The sight of building happening and things not being off plan with little or no building also suggests this is not a Harlequin’esque nightmare too.

    Maybe someone should ask for the company to comment, not an agent, not a customer who only knows bits, and gain a true picture of their thoughts on all the concerns raised in this thread. A benign explanation may well provide someone with a handsome return. My development delays are nearly done and if I gain a generous valuation and make more than I think I have I will take another look here for further damning ideas and I’ll then speak to HSG, as the level of return for sitting on my bum not getting upset about delays to builds or window manufacturers getting things wrong and and and seems like a whole lot less stress to me.

    But hey I’m just a 40 something wannabe UHNW entrepreneur so what do I know ;o)


  45. Very interesting reading all the various responses. I have looked into them a few times (FJP are like dogs with bones) but something keeps niggling away at me that prevents me investing. Not sure what and it might cost me a decent return but just maybe it has saved me a few grand. According to FJP they have never missed paying out on the last 7 projects and they have GDV of over £1billion so obviously they seem to be doing something correct. Maybe I think that eventually the love of PRS will diminish as folk want to live in a house rather than an apartment, maybe there’s an economic downturn just around the corner and how could HSG cope with that. The hotels side of things looks ok however they are all refurbished buildings that used to be hotels and one wonders about the sustainability over the long term.
    It would be great to keep this thread going and folk add to it with anything they find.
    good luck


  46. If Ultra High Net Worth investors want to bung a few million of their tens or hundreds of millions into a very high risk speculative opportunity, in an attempt to add a few millions or tens of millions onto their pile of cash, it’s a free country.

    What I struggle with is where this investment, which is sufficiently high risk that it needs to offer returns of 15% per year escalating to 22% to attract investors, is described in reassuring terms like ” the model and explanation and paperwork that HSG have projected since i first looked at it excels in comparison to many similar out there”.

    The fact that a company has been going for six years proves absolutely nothing.

    It is not difficult for a company which claims to be worth a billion pounds to throw a few buildings up. The question is whether developing these buildings generates sufficient EBITDA to sustain borrowing rates of up to 22% per year.


  47. I am an investment agent and I raise investment into the High Street Group. I have done so for over 2 years and have many clients in the investment. Around 80% of my clients are in previous loan notes from them have ALL been paid back. Most of the have reinvested as they were pleased with the investment.

    To see such damning claims by anonymous people is unfair to HSG, agents like myself and indeed the clients who have invested. It is nothing short of unfounded scaremongering.

    I am heavily involved in the company and have nothing but admiration for how they operate and most importantly treat their clients.

    Also Jonty the Gary Forrest you incorrectly and libellously refer to as a con man is NOT the HSG Gary Forrest. He was a con man totally unconnected from HSG. Look it up on google! NOT THE SAME CHAP!

    Happy to speak to anyone one to one on the matter.



  48. Wrong question Queenie. The smart question for Paul West is “what do you mean when you describe yourself as an investment agent?” Sounds to me like that’s synonymous with “unregulated introducer”. Or, to translate that into Paul Lewis-style plain English, “commission-driven salesman”.


  49. Paul West, did you share with your clients you placed into the loan notes that 12% of there money went straight into your pocket?


  50. I asked another provider Trish from introductable months back what her commission was and she was “Not aware” so over to you Paul West then explain how they manage to pay back 15% with any other sourcing fees


  51. HSG is a house of cards, it is going to fail and one day it will fall spectacularly.

    Every claim they make is easily researchable to find it’s untrue; easy example, look at the houses/flats in the previous projects (minimal, and some still for sale (Aidan Gardens)), then check where they claim to have built 100 homes a year etc.
    Look at the B&B style rates of their hotels, then check the valuation of their “hospitality” for 3 B&Bs.


  52. It’s vitally important to have your wits about you and do granular due diligence on investment opportunities. I am 100% with Bond Review that not enough investors do anything like enough research or ask enough questions into the bonds and other investment vehicles they plough into.

    However, being snooty and derriding every single investment opportunity, always obsessing about potential downsides while seldom having anything positive to say about any firm or person associated with a business, is a quintessential British attitude and not particularly productive. The downside of such a cynical and bitter and twisted attitude, barking from the sidelines from one’s bedroom computer at any and every company that is trying to do anything ambitious in this world, such as much-needed property developments, is that one is unlikely to be successful in life.

    If I had adopted such a cynical and bitter stance towards any and every opportunity in life, I would not now be a multi-millionaire having started off being raised in a council estate in Glasgow. To get anywhere in this world and to earn a higher yield on any endeavour you have to be willing to take meaningful risks – and, yes, of course, they should be very meticulously researched, astute risks, not silly, ill-thought-out ones.

    For what it’s worth, I investigated The High Street Group in tremendous detail and my first two bond investments and returns were paid in full, on time. No issues whatsoever. I have invested in their latest bond round.


  53. Gerald

    I applaud your drive and success. But I’d applaud it considerably more if you gave your full real name so i could independently corroborate your claims (because that’s *my* vitally important granular due diligence).

    Perhaps also (or alternatively) you’d like to explain why the general scepticism in this place about High Street Group is misplaced, and/or why your historical experience of getting your money back is still likely to be valid for present investors as the apparent risk premium (i,plied by the offered interest rate) keeps rising.


  54. However, being snooty and derriding every single investment opportunity, always obsessing about potential downsides while seldom having anything positive to say about any firm or person associated with a business, is a quintessential British attitude and not particularly productive.

    I have no idea if that’s aimed at me but this blog doesn’t review every single investment opportunity.

    Mainstream shares, bonds, property commercial and residential, EISes, VCTs etc are not reviewed here as they have enough coverage already. This is a blog about unregulated investments and describes both the benefits and the risks of such investments in full (the benefits in this case are the interest rates listed at the top of the review).

    barking from the sidelines from one’s bedroom computer at any and every company that is trying to do anything ambitious in this world

    You certainly can’t fault a company that needs to return up to 22% per year from its investments on top of its costs to maintain its coupons to investors for ambition.

    If I had adopted such a cynical and bitter stance towards any and every opportunity in life, I would not now be a multi-millionaire having started off being raised in a council estate in Glasgow.

    And such a modest one to boot.


  55. Yep that’s the one. Lengthy assets which don’t match companies house. What commissions do these phone robbers earn?


  56. I was recently contacted by James Harper, sales rep from a company called Keystone Property Group. He was offering me 15% over 1 year for a £50k investment. My search for information on Keystone led me here, and as I don’t fall into the “can afford to lose it” category of investor, I am more than a little reluctant now to invest in this organisation, based on the comments and advice in this article. However, the temptation is there, given the pathetic interest rates available in the high street banks/building societies, to give it a punt! A few more positive comments might have swayed me, as nothing worth having is risk-free. But it does seem as though this company has a few too many unanswered questions and is less than transparent with it’s claims and statements, which leaves me feeling a bit nervous about giving them my money. I wonder if Paul Davies got paid out in September?


  57. In answer to your question as to whether i got paid out at the end of September . Yes i did get my investment and interest paid back to me.


  58. @ Trevor E: 15% returns imply levels of risk that are more speculative than going to a casino and putting all your money on red. You’ve already said you “don’t fall into the “can afford to lose it” category of investor” so do the smart thing and walk away. You will not get £57,500 back in 12 months if you put up £50,000 now (or, if you do, some other sucker’s going to be wiped out paying you back, and you might want to think about how you’ll feel when that other victim commits suicide after losing their life savings).


  59. However, the temptation is there, given the pathetic interest rates available in the high street banks/building societies, to give it a punt!

    This is a bit like saying you’re bored of plain porridge, so you’re going to stuff Carolina Reaper chilies down your throat. Jumping from minimal-risk FSCS-protected cash accounts to ultra-high-risk unregulated bonds without considering anything in between makes no sense.

    I wonder if Paul Davies got paid out in September?

    Whether Paul Davies was paid out two months ago has absolutely nothing to do with whether you will.

    Unregulated bonds are unsuitable for anyone who would compare them with FSCS-protected cash accounts and thinks that past performance is a guide to future performance.


  60. Good old louis! A typical broker who can only communicate his simple key selling points! Clearly an uneducated salesman who cannot communicate and hold any sort of literal discussion.

    They are all the same these boys! Stick to the telephones kids as soon as you start typing its just embarrassing.


  61. Please, be warned about High Street Group. I invested £30k through Direct Property to High Street group last September 2018. I tried very hard to redeem the investment through letters to the CEO ,numerous phone calls ,finally I threatened them with legal action. They eventually returned my money at the end of October.


  62. Hi Khal, I also invested £30k through Direct Property to High Street group since March 2018 and September 2018. Except from some minor delay in interest payments, I have no issues with them and if there is, a simple phone call or email to Direct Property or Natasha from HSG admin gets things solved. Was there a particular reason you had to threat with legal action and write to the CEO ?


  63. Did you try to withdraw your £30k, as Khal did?

    It would be surprising if HSG had not managed to pay you ~£5,000 (and that late) when you handed them £30,000 only a year and a bit ago.

    Liked by 1 person

  64. Hi Brev,

    From the 3 loan notes, 2 were paid in exactly 2 weeks, one in 6 which I now subscribe to poor administration. No reason to withdraw.

    The loan notes are secured by the assets value of the group currently valued at 68 million and not against my own 30.000 GBP investment.


  65. Brev…

    “This is a bit like saying you’re bored of plain porridge, so you’re going to stuff Carolina Reaper chilies down your throat. Jumping from minimal-risk FSCS-protected cash accounts to ultra-high-risk unregulated bonds without considering anything in between makes no sense.“

    I didn’t say I hadn’t considered anything in between, did I?

    “Whether Paul Davies was paid out two months ago has absolutely nothing to do with whether you will.”

    Yes, Brev, I do realise that! And we all know now that Paul Davies did get paid out. But would you be singing the same tune if he (or anyone else) hadn’t been paid out? I think not, somehow.

    “Unregulated bonds are unsuitable for anyone who would compare them with FSCS-protected cash accounts and thinks that past performance is a guide to future performance.”

    So who exactly are unregulated bonds suitable for, Brev? I really don’t see how comparing low risk investments with high risk investments makes you unsuitable for the latter! Making a comparison between two types of investment in order to highlight the differences is not being ignorant of the differences.
    And where in my post did I say that I think that past performance is a guide to future performance? I merely stated that the piss-poor interest rates being offered on regular high street investments have been encouraging ordinary investors look elsewhere for a half-decent interest rate, and because of this, organisations such as HSG and their agents are cashing in on those under-informed investors to fund their projects. Maybe instead of just dissecting and ridiculing my comments, and trying to belittle me, you could offer some of your obvious expertise and wisdom instead?


  66. Bev on Oct. 23 you said they were late filing accounts again, please give details?

    The statutory deadline for filing annual accounts for High Street Commercial Finance Limited was was 28 September 2019. They still haven’t filed them. (The same applies to the parent company High Street Grp Ltd.)That’s about it as far as details go.

    When do you think the house of cards will collapse?

    Please don’t ask leading questions.


  67. I didn’t say I hadn’t considered anything in between, did I?

    No, you said that low interest rates on FSCS-protected deposit accounts make it tempting to take punts on unregulated loans to obscure unlisted companies, which is not true if any kind of rational investment process is being followed.

    It is only tempting to invest in unregulated bonds if you are a high-net worth / sophisticated investor, have a substantial portfolio of mainstream assets, can be bothered to invest less than 5% of your investable assets in individual unlisted companies, can stomach the potential 100% loss of the investment, and have the expertise to conduct full due diligence into the borrower and any assets being offered as security.

    Have you invested in HSG now that Paul Davies confirmed the answer was “yes”?


  68. No, Brev I have not invested in HSG. When I found your website it was in the process of trying to find out about this company and their bonds. I don’t consider myself “high net worth” but I do have a reasonable portfolio of investments in various places, from loan corporations in the Philippines, oil and mining exploration shares to whisky investing (bottles not casks). So I was looking for something not as risky as HSG to balance things up a bit. That is why I started looking at bonds, generally. Thinking they would be a low-ish risk to balance things out between the more high-risk stuff and the lower-risk shares in my pension fund. I’m now looking at municipal bonds from Goldman Sachs and other options. But I am yet to find a review on this website that says anything positive about anything. So dare I ask your opinion on Goldman Sachs?


  69. Trevor, these are loan notes, not bonds. Bev I didn’t mean to ask a leading question. Here’s an elephant in the room that keeps being ignored. Why are there no recent audited financials ,a balance sheet etc. If there so solvent shouldn’t they be doing everything to toot their horn. Instead I see a deliberate attempt to put it under the rug. They just keep parroting “so me many Billion in assets”.LOL


  70. ray7321 Yes, I know what they are, but by definition a bond is a kind of loan note, isn’t it? I first came across a HSG agent while searching for bonds on the internet. Having been offered the investment by the agent I set about looking for information on HSG on the internet and found this website. Aptly named “Bond Review” considering the subject matter on this thread is not about bonds?


  71. Hi Trevor, reading back I see you asked above “So who exactly are unregulated bonds suitable for, Brev?”

    I think I can answer that for him/her. The answer is high net worth individuals (who are investing only a small amount of their worth) and sophisticated investors. No one else.

    You previously stated you don’t fall into the “can afford to lose it” category so you should not go ahead unless you are a sophisticated investor who knows how to carry out a real due diligence.


  72. Fraid Knot – Thank you for your reply. I think from all the information I have collated since first looking into this I have come to the same conclusion. I already have several sums of money in high-risk investments, so what I am looking for is something relatively low-risk without it being a waste of time doing it. What’s your view on the municipal bonds being offered by GS at the moment? They’re offering rates of 3,4 & 5% on 1,2 & 3yr terms.


  73. Trevor E – I claim no expertise but I believe municipal funds are mostly a US thing. US citizens get tax breaks on them but that won’t help people in the UK. Normally they pay less than company bonds. So far they have had a lower failure rate than company bonds but many of the states, cities, etc that issue them have poor credit ratings. I don’t know which ones you are looking at but the rates you quote sound very high for municipal bonds which causes me concern as to what they are funding.

    It sounds like you have invested in some risky areas (eg mining companies and whisky) so my suggestion would be to move to more conventional investments such as funds or ETFs where the big benefit is diversification. Many people seem to like the Vanguard Life Strategy funds though I don’t hold them myself.


  74. 1. “Who dares, wins. ”
    2. “No venture, no gain.”
    3. “He who takes no risk will never drink champagne.”
    And so on…..

    If anyone here is expecting a no risk 15-22% return in todays’ world with negative interest rates applied by EU banks just to keep one’s money ‘safe’ and also hopes like hell his/her bank will not do a Cyprus, that person obviously lives in utopia.

    Lots of theoretical blather. Whilst I do not deny the validity of many comments, most posters here are without skin in the game. Moot point: I have read almost all the posts, and I did NOT come across a single one that says investment made and not paid back. (A delay of a few weeks does not constitute deliberate default or any intent to defraud.)

    Of course, if someone was paid in the past on time it does not guarantee another will also be paid back in timely manner in future. Extending that logic, equally the reverse is as true – if some one was not paid in the past does not mean another will not be paid back in the future.

    Also, I have not come across a single Media report or a post on this page saying HSG has been taken to court for defaulting or non payment. So where are we with all these negative arguments and fluff?

    By the way, for the record: I’ve invested with HSG @ 18% on two occasions in last 2-3 yrs and got got back both investments in timely manner. With interest. As they say, the proof of the pudding is in the eating… (That is not to say I may not be back here after a month bemoaning loss of capital but so far, so good.) This post is primarily to add perspective and reality.

    The best to the fence sitters!


  75. I have been told by a relevant party that some investors are not receiving 100% capital & accrued interest back on maturity and are being offered repayment in tranches over a number of months.
    Looking creaky.


  76. In July and again in October i received full payment plus interest on two bonds and in December i received my yearly interest on a Third bond . ( Very Creaky indeed )


  77. Hi Paul. There is a big difference between receiving quarterly interest and full capital plus 5 years’ accrued interest. 160% vs 2.5%.
    Also, when I said that I had heard, a pension scheme administrator informed me.
    So yes. Creaky.


  78. I am experiencing problems receiving the return on my investment,for my 7 year loan note.I decided to terminate on the 1st anniversary and was told it would take 30 days after the December 19th exit date.I have had to chase Gary O Hara,in spite of his promises to contact me.Today he told me that he could not tell me when the funds will be available to repay me.
    In spite of boasting to potential investors,continued rapid growth,they do not have the funds to repay me.They have had 60 days notice ,to return my investment +interest.
    I have asked the trustees to intervene,to get this resolved.I would not go near this company again.




  80. Thank you for that,Khalec.I have informed the trustees of the situation.O Hara keeps on about pulling out after 1 year of a 7 year loan note,causing a problem.I told him that HSG offer that option.Either they withdraw that option or set aside money for early withdrawals.


  81. I phoned their office and informed them of the situation.I was told the matter would be investigated and to write an email,confirming in writing,what has happened.
    HSG should have the business acumen to either have cash reserves to pay off early loan notes,or not offer the facility in the first place.
    All it has done,has been to leave me with a bad experience and to pass this experience on to others.


  82. Fortunately,I am a small fish ,too-10k.I cannot fathom out why they do not have sufficient reserves of liquid funds,to pay back investors.It just does not make sense to have so much tied up in projects and then have to go through the process of liquidating others.Not a very good business model.


  83. Just found out that one of the main guys (albeit not named as being part of the company) is
    Mr. Thomas Williams. I have been offered a meeting with him through a comnapny trying to get me to invest into high street, I invested into Group First parking scheme in 2015. I mete him with an investment guy who cold called me about Parking investment at the time in a London bar. Smarmy greasy salesman but the parking story was compelling. Oh how naive I was back then! I still have his buisness card.

    So I lost my £25 thousand when the company was shut down by FCA. See here

    How is this guy allowed to take more investment money from people? It speaks volumes that he is not mentioned anywhere as being associatred with high street. Needless to say I not going near high street now.


  84. Hello, firstly I want to open with a big thank you the the team at THG, sometimes you find that a company is always out for themselves. Today THG showed me that there is still some compassion left in the business world. After entering a difficult period the team at THG not only supported my needs but also agreed to the full payout of investment and earning a number of weeks early.
    Even before this act in would have used thier services again in the future. Now inwould whole heartedly recommend them. A huge thanks to Ryan, whatever they are paying you, you deserve more.

    Thanks Stuart.


  85. Since 14th January, there have been eleven comments on here relating to HSG prior to stuartmitchell’s comment on the 29th.
    Hardly “weeks of no comments” Brev!


  86. My mistake – I should have looked up the page.

    Nonetheless, the timing of two very similar comments only three hours apart, six days after the last comment, is still interesting.


  87. A pension trustee has informed me that HSG has recently delayed capital repayments to their clients and intends to pay in tranches. I imagine that a in a pension wrapper a delayed payment would seem a little less personal and real than cash in one’s own bank account.
    If pension clients are being treated differently to direct clients, it would be an appalling breach of trust.


  88. Brev, could you give a detail explanation on what exactly this HSG claim means?Loan Note investors benefit from the comprehensive security provided by a Debenture over the Group’s assets and a Corporate Guarantee on capital invested, all overseen by a regulated Security Trustee.


  89. Essentially, that if HSG stops paying out, investors should have secured creditor status and a claim on the assets of the Group (not just the specific company issuing the loan note). This security is only as good as the assets of the Group relative to its liabilities. Assessing the value of this security requires full professional due diligence including an up to date picture of assets and liabilities. Currently HSG is unable to provide even a year-old picture due to High Street Commercial Finance being five months overdue with its legally-required accounts.


  90. And I’d add that “regulated Security Trustee” is at best misleading. There is no regulation of, nor regulator for, security trustees. It’s deliberate misdirection that’s functionally identical to believing that London Capital & Finance’s bond issue was regulated.

    On the actual security, also consider what timeframe might be necessary to realise it. Look at (a) the Woodford funds and (b) property funds more generally; even if you do get all (or some proportion) of your money back after enforcing security, how long will that take? Will you need the money before then?

    If you want a case study in winding up a property company, take a look at the last administrator’s report at


  91. My loan note of £10,000 matures on 13/02/2020 (first year). After reading this blog , can I just ask them to return my money? Please comment


  92. Hello, the trustees company is already in liquidation so how comes there is any security for any investment her.


  93. Without a moment of hesitation, I would urge you to redeem your loan plus interest , if you are lucky , as I and others did.
    Look at the record number of investment companies that have collapsed like a pack of cards last year. The sea of investment is infested with sharks . Better safe than sorry. I believe ” a bird in a hand is worth than two in a bush”. My friend, It is a jungle there. Good luck!


  94. Yesterday 7th February there was a filing at Companies House stating that Gary Forrest had ceased being a person with significant control for High Street Grp Limited. The date of the notification was 1st February 2020. How can he be the only Director of the Group and NOT have significant control? Is the “House of Cards” about to collapse?


  95. It’s theoretically possible. He’d have had to dispose of the beneficial interest in more than 75% of his shares to third parties, none of whom holds 25% or more of the company.

    The other explanation would be that he’s made a false PSC declaration by saying he’s no longer one, and that would be a criminal offence. I have no information to form a view on which of these options is the more likely.


  96. As I understand it a person who is deemed to exert significant control is NOT just down to his or her shareholding. Senior management below Board level with no shareholding can and are sometimes deemed to exert significant control. I understand that Gary was deemed to exert significant control BOTH because of his shareholding AND the fact that he was a Director of the Company. He is of course the only director so how can he not exert significant control? Also note that the notice that he did exert significant control has also just been filed on 7th February. This is obviously a late filing and looks to be a tidying up announcement because they had filed a cessation notice without having first filed the original notice of significant control. I can only assume that the filing relates only to his shareholding and that he has now “disposed” of more than 75% of his shares in the Company. Where have they gone? Has he sold them? Has he given them away or put them in a trust? No doubt we will find out in due course.


  97. I have had a look at a few of these types of investments and I have an adverse view.

    Not all of these investments are terrible or extremely high risk. It really can depend on many factors when making an informed decision.

    I do not necessarily believe this is entirely true and it also depends on what you are benchmarking the investment against.

    I have had investments with HL and SJP for many years and made money and lost money. It is part and parcel of growing your capital for a better retirement. If I was to stay with the banks, although my capital is safe, one’s capital will not grow at a sustainable pace and allow me to get closer to my financial objective.

    Your due diligence is remarkable at stating what is publically available I have to say, however, to insinuate that any of these businesses will fail would be a disillusioned viewpoint considering we don’t have a crystal ball.

    There’s a lot of companies providing valuable services to the economy and are heavily connected regardless of size. Over my 22 years of investing, one has learned it’s not “what you know but a who you know situation” that makes the difference nowadays, I am sure you would agree with this point Brev?

    Keep up the good work…


  98. Hi Leigh, I would disagree. You can’t compare unregulated mini-bonds with regulated investments with HL or SJP. In the early days some well known names first used mini-bonds but they have all stopped and now it’s all newly created companies formed around them. I cant think of a single one currently on offer that I would trust with my money.

    I also disagree it’s who you know. Understanding what you are getting into is far more important.

    Liked by 1 person

  99. I’m just getting the run around from my sales agent. The note was due march 1 and I have had no contact from HSG any suggestions on how to proceed. Thanks


  100. I was due back £50k in Feb 2020 following an 18 month loan note and it was unilaterally kicked down the road to July 2020. They are now trying to push me down the road for another 6 months. I have refused and pushed on with phone calls with various handlers, all of whom seem to be unable to tell me where exactly the money is. As one would expect they are quoting covid as the issue driving poor sales but that was not an issue in Feb 2020. Now come back with £10k a week starting in Sept which I do not want to do. Where do I go from here??


  101. I am surprised that High Street Group is still alive and kicking! Accounts are now really late. Gary Forrest apparently doesn’t exert significant control although as far as I know he is the only director and owns all the equity. I am not a lawyer but you could consider issuing a Statutory Demand (“SD”) which you can find on the web at the . Gov site BUT right now the Government in its wisdom has suspended the use of SDs until the end of September.


  102. If an unregulated investment scheme owes you money and isn’t paying it when due, you essentially have two options: 1) contact a solicitor and risk throwing good money after bad (the first step in the process being a Statutory Demand as Mike says), 2) write the money off and forget about it. All other options are slower and more stressful versions of the above two.

    In the hypothetical event that you go for option 1) and it goes as far as court proceedings and administration, the three month delay before Statutory Demands can be effective again is really neither here nor there.

    If High Street Group don’t have £50k available now to repay debts that have fallen due, what’s supposed to change between now and September?

    From my reading on the temporary Covid freeze on Statutory Demands, you can still apply for a winding up order and argue that the company would have been unable to pay its debts even if it wasn’t for Covid. Naturally I have no way of telling whether that is the case as I’m not privy to HSG’s internal finances. (And nor is anyone else thanks to its failure to file legally-required accounts – currently nine months overdue.) However, it is worth noting that the first comment on this article alleging that HSG hadn’t repaid on the original repayment date was in February 2019; although the poster referred to HSG having the right to extend for six months – if this right was part of the loan contract, exercising the right to extend is not a default.

    In April 2019 we had the first investor alleging that they had been offered repayment in HSG shares instead of cash. You don’t pay investors in shares unless cash is short. If you were confident in the growth prospects of your company (which we can assume owner Gary Forrest is, given the tone of HSG investor marketing material), you would rather hold onto your shares and keep the growing value of the equity for yourself.

    From then on it’s a hot mess of random people alleging that they only got paid back after they kicked up a fuss and random people alleging that they got paid back on time and they don’t know what all the fuss is about.

    So if hypothetically we assume the above posts are accurate and that HSG has unambiguously defaulted on loan notes starting in February 2020 (when Boris was still all gung-ho for letting Covid rip) and was giving off signals of being short of cash at least a year before that, perhaps in theory you could argue in court that Covid had nothing to do with it. This is all pretty philosophical however. Given that a three month wait is, as discussed, neither here nor there, and by going early you risk having the winding up petition thrown out and being liable for HSG’s costs, any reputable solicitor would surely just tell you to wait three months.


  103. The fledgling that pushes forward and squeaks the loudest is fed first! I wouldn’t just wait three months to issue a SD. You need to go public or at least threaten (and follow through if required) to do so. The Company has it’s headquarters in Newcastle so I would start with the local press in that area. Given all the “mini-bond” failures in recent months this is a hot topic at the moment and the press should be willing to cover it. The regulatory authorities have been negligent and I would complain to them as well. I would start with the agent/intermediary that you invested through. Were you properly vetted as an SI or HNW investor. Are they regulated? I realise this is an unregulated loan but intermediaries still have rules to follow and reputations to maintain. I would also put a complaint in to your local MP who could raise the issue with the Treasury. They do fear bad publicity and being accused of inaction of being “chocolate teapots”!

    If you make it clear to the agent you applied through that these are the kind of actions you are going to take and that you will be doing it immediately you may be pleasantly surprised. Let us know how it goes.


  104. Sorry to hear about your issue with HSG,Dooks Man.
    I had a 7year bond,with a yearly option to cash in.I did so,after 1 year in December,2019,fearing another collapse and loss of money.
    With constant phone calls,emails and complaints to the trustees,I finally got a cheque ,6 weeks later.Even before I received it,they were pressuring me into renvesting.Fortunately,I did not.
    I received my £10k+ 12% interest back.
    I sensed there were problems,which they were concealing.
    I had a lot of dealings with Gary O Reilly and told him what I thought of him and his company,over the way that dealt with my request for the return of my investment.
    I wish you all the best in receiving your investment back.


  105. You are all “Grown Up” you had ample oportunity to do D/D “Brev” gave you the warning. The wheels WILL fall of ,it only takes time. As you will all find out. Introducers are still peddling this as of 16-00 6/7/20. How many fools are there to keep this going ???.


  106. There has been a filing on HSG today at Companies House. There has been a Court Order to Rectify issued against HSG. The announcements earlier this year that Gary Forrest was no longer a “Person with Significant Control” has now been removed from the Register as has the announcement that he had earlier had significant control. These were very odd announcements and had never made any sense as he is the sole director and 100% shareholder as far as I am aware. It is clear that someone in authority is watching which is good news BUT it is a great shame they do not seem to be able to force the Company to issue its accounts which are now incredibly late. The clock is now ticking a little louder!


  107. And now we have ” KEYSTONE PROPERTY GROUP ” in the mixing bowl . With Mr Forrest as Chairman.!!. You should all Brace Yourselvs for the Inevitable Outcome…


  108. An interesting selection of conflicting comments and opinions. For what it’s worth, I have been unable to get any of the money I am due from them. They make promises but it never arrives.


  109. Best thing I did was read this blog last year as I was looking to invest a very large sum of money in the 18 month bond scheme.
    The agent was like a dog with a bone until I requested information on how many times HSG had defaulted on repayments.
    Following this with interest as I know others who did invest.


  110. ” BOB ” Anybody with any financial investment “Brain” can see where this is going . NO ACCOUNTS DEBT OWING TO PEOPLE SUCKED IN BY INTRODUCERS ” INTRODUCTABLE ( JANE REYNOLDS Ect.) PROBABLY IN EXCESS OF £40 MILLION….INTEREST +- £5 Million…Answers on a postcard please.


  111. It’s not looking good guys, Westminster Works in Birmingham site has seen all contracotrs activity cease this week, cabins and plant gone. Rang alarm bells last year when investors arrived to find their flat, expecting a nearly complete development only to find the footings just being started.


  112. I have been investing in HSG for the past 4 years and they have always come good, if a few weeks late on occasion. I have made good money with them over the years and while they can be a bit ‘shiny suit’ in terms of the sales guys (Keystone), I find them to be overall pretty genuine and, dare I say it, honest.
    If this Brev chap who supposedly runs this website has issues with them, I suggest he listens to those of us who have put their money up and have had returns paid, as stated, on multiple occasions. Have you ever invested in the HSG Brev? If the answer is no, then what are you doing on this forum in the first place? I have first hand experience of this company over many years. Have you??


  113. I have been investing in HSG for the past 4 years and they have always come good, if a few weeks late on occasion.

    Which means precisely nothing when it comes to the viability of loans to an unlisted company.

    If you had invested say £100,000 in the loan notes described in this review* four years ago, rolling the capital over on maturity, then all that means is that you have paid HSG £100,000 and they have paid you £40,000 back. The use of the present perfect continuous (“have been investing”) suggests you haven’t fully exited.

    (*Naturally I don’t know exactly what rates you have had, and HSG’s cost of borrowing has increased dramatically since my review, to 15%pa rising to 22%pa over 7 years.)

    If this Brev chap who supposedly runs this website has issues with them, I suggest he listens to those of us who have put their money up and have had returns paid, as stated, on multiple occasions.

    I don’t have any issues with HSG. It is what it is.

    Thing is, if I do listen to people who claim to have made a profit out of HSG, I also have to listen to the people who claim they have either not been paid, or been paid in HSG shares rather than cash. (HSG shares, being unlisted on any exchange and in a company which cannot file legally-required accounts on time, are worthless until proven otherwise.)

    As I don’t base reviews on unverified assertions about people being paid or not paid one way or the other, it’s moot as far as I’m concerned. Whether HSG’s investors have been paid in the past or not does not alter the fact that it is an extremely high risk investment with an inherent possibility of 100% loss.

    If the answer is no, then what are you doing on this forum in the first place?

    You’re questioning my right to comment on my own blog?

    How well do you think this line of debate is going to end for you?


  114. Do you know if there is any news or update on construction at Westminster Works?
    According to HG’s August newsletter, construction work on most of their sites was returning to normal.


  115. After 8 months of pain, multiple conversations with various members of their team, including threats to talk to press and local MP I have finally got all of my money out of HSG after their extensive attempts to get me to re-invest, take shares, delay payments further, monthly repayment schemes, weekly repayment schemes. They are simply not worth the hassle and I would strongly advise to stay well clear of them now and get out ASAP. Cash flow might be becoming an issue


  116. Hi, I am a current investor in the HSG. I have been paid 3 months late at a rate of 12% (not including a 2% bonus paid to me in 2 weeks after investing).

    Reading comments here I feel like the company has a major cash flow issue and I can confirm that new investment offers try to get investors to accept equity which is a major red flag for me. I hope I haven’t lost all my capital but there are seemingly more and more red flags, I hope in the end I will be able to get all my money back. I guess we will have to see.

    I regret I did not withdraw the full amount (or at least attempt to) in April. Good luck to others who have invested.


  117. Hi SP,
    I am deeply concerned for you and the many other providers of debt finance to HSG. The red flags are numerous and we have some more today! You have provided loans to HSG through High Street Commercial Finance Ltd (“HSCF”). Like HSG this company is extremely late with its accounts. The accounts for the period ending 28th December 2018 should have been filed by no later than 28th September 2019 and are now almost one year late. The accounts for 2019 are also due in a few days! HSCF should also have filed its Confirmation Statement which is required every year by no later than 23rd November 2019. I do not understand why the authorities have not taken action over these flagrant breaches of the rules!

    Today 16th September 2020 HSCF has filed two notices at Companies House. The first is a notice stating the Gary Forrest is a person with “Significant Control” as a result of him owning 75% or more of the share capital of HSCF. Whilst this document was filed with todays’ date it is backdated to 2nd February 2019! This is then followed by a Cessation of Significant Control also filed today and backdated to 2nd February 2019. Obviously he could not file the Cessation notice without first filing the Significant Control notice. What does this all mean? It clearly means that Gary has either sold or transferred his shares to another entity as at 2nd February 2019. It is possible that he has transferred the shares to HSG or another group entity. These changes and the back-dating of the transactions are red flags.

    The last accounts for HSCF are for 2017. Whilst the company does not provide a Profit & Loss account it is clear from the balance sheet that HSCF lost nearly £12 million in 2017 BEFORE it accounted for “its share” of group investments which were valued upwards from £21.5 million to £34.2 million. This is complete BS! In 2017 HSCF was not owned by HSG but by Gary in a personal capacity and as far as I am aware the full value of these investments is/was shown in HSG accounts. They can not be shown there if they are actually attributed to HSCF. The historical cost of these investments was £913! Yes that is right, I have not omitted any zeros! Without attributing these investment values to HSCF it was clearly insolvent and very significantly so. Net current liabilities as at the end of 2017 were minus £20.7 million. Because of ongoing interest I can only imagine that the situation has worsened in 2018 and 2019. Is it possible that this is the reason the accounts have not been filed?


  118. Just a quick note to point out that the two notices at Companies House today concerning High Street Commercial Finance have been resubmitted with a change in the effective date from 2nd February 2019 to 2nd January 2019. Curiouser and curiouser!


  119. You cannot make this stuff up! Does HSG know what it is doing? There has been another announcement at Companies House. It is the fifth notice today. At last High Street Commercial Finance (“HSCF”) has issued its much delayed “Confirmation Statement”. The effective date of the information is as at 9th November 2019! This shows that prior to that date 80% of the share capital of HSCF was owned by High Street GRP Ltd (“HSG”). As at 9th November 2019 these shares are owned by Gary himself. This means that he is still a person with “Significant Control” and I assume that we should see more announcements telling us just that but don’t hold your breath!.

    Why the change?

    Prior to this change HSCF accounts would have to be included within HSGs consolidated accounts as it was a subsidiary. Now that HSCF is majority owned by Gary directly and HSG has no equity interest in HSCF any more there is no need to consolidate its losses into HSGs accounts. However, I am not sure that this ploy will work as, as I understand it, HSG is guaranteeing all of the debt owed to investors by HSCF. HSCF will not be able to return interest or capital to investors unless it is paid/funded by HSG or other Group entities to which is has advanced the funds provided by investors. This change appears to “loosen the tie” between HSCF and HSG and is another red flag for investors

    The game continues.


  120. I was tempted to invest last year however after reading this forum I’m pleased to say I thought better of it. However I keep getting bombarded with opportunities and the HSG does seem to have alot of projects ongoing…from construction to bars and hotels.
    Surely too many income streams to be in serious financial trouble ?


  121. If you take investor’s money on a promise to pay them 12 – 22% per year and use that money to build bars and hotels, that’s not an income stream, that’s spending investors’ money. It only becomes an income stream once the sale or operation of those properties is bringing in enough money to pay investors their 12 – 22% per year *after* all your other costs.

    Whether HSG is in financial trouble or not is unknown due to their continued failure to file legally required accounts.




Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s