According to the Lancashire Telegraph, the Official Receiver has sold the freehold, associated assets and goodwill of Store First‘s 15 storage centres to Store First Freeholds Limited.
The assets of the service company, SFM Services, have been transferred to Pay Store Limited.
Both Store First Freeholds Limited and Pay Store Limited are wholly owned by Jennifer Whittaker, reportedly the wife of Store First CEO Toby Whittaker.
According to the Official Receiver, the sale of Store First’s assets to companies owned by Toby Whittaker’s wife “represented the best outcome for creditors”. The consideration has not been disclosed.
The deal does not appear to mean any recovery for Store First investors – instead, they get the opportunity to surrender their pod (and the ongoing liability for business rates) with Mrs Whittaker’s company covering their cost.
The deal would also see requests by investors to surrender their pods accepted, with Pay Store covering any of the associated costs but no payments being issued to the former owners.
If you ever needed a clearer illustration that when an unregulated investment stops paying out and winding up orders start flying, you should write it off and expect nothing, this is it.
In this case nothing is apparently “the best outcome for creditors”. A sub-optimal outcome would be for unfortunate store pod owners to get less than nothing by holding a pod that they were unable to generate income from but left them liable for business rates.
A winding up order against Store First was originally launched by the Business Secretary back in July 2017. Store First reached an out-of-court settlement in May 2019.
An investigation into the cause of the collapse of the Store First investment opportunity continues, according to the Insolvency Service. According to the Government’s lawyer in the winding up case, over £200m was invested in Store First from UK pension funds and elsewhere.
The sub-optimal outcome here would also include being stuck with a bleeding wound of a SIPP that you still paid annual charges on, so at least investors can start winding those up too.
I wonder if there are any pension scheme operators out there still valuing these units at anything above zero? I’d be genuinely interested to hear if there are.
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Yet again another end where those who are involved either get away with it or family/friends appear to get something out of it but nothing- nothing comes of the top dogs to face their disgusting business dealings with those they owe – Make them face their investors!!
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Since the Official Receiver has valued them at £0 and business rates are set based on the valuation presumably the business rate will now also be £0. if so his wife appears to have bagged herself a stonking deal.
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What about all the lives this deplorable family have ruined? Many people have lost their life savings, including the elderly, infirm and war veterans.
This article is callous to investors that were SCAMMED too citing “If you ever needed a clearer illustration that when an unregulated investment stops paying out and winding up orders start flying, you should write it off and expect nothing, this is it”. So investors are supposed to just suck it up? Be happy they have lost liability along with their life savings for the corrupt Whittaker family to have used to build up their business in the first place? May I remind people Toby Whittaker has been involved in similar scandles including park first amongst others. Why is this vile man not in prison yet? How many more lives is he going to ruin?
I am going to make it my personal mission to expose this disgusting man to everyone on every social media platform so maybe at least I can spare others investing with this con artist. There is so much corruption in this case. The investors are real people with families and feelings and some have suffered severe ill health as a result of the stress.
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Fucking fraud pure and simple. Why are there people not in prison? Someone will get what’s coming to them sooner or later.
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No-one’s suggested they should be happy and suck it up.
When an unregulated investment goes into administration, recoveries are usually minimal if not nil. That is a simple fact. Facts cannot be callous.
The exception is if investors were advised by an FCA-regulated adviser or used an FCA-regulated SIPP provider.
Fundamentally. because there is no capitalist country in which it is a crime to run a failed business.
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Why the insolvency serice allowing whittaker wife to take over these storepods are they blind the goverment wound up these stores to protect investors us investors and get our money back from these crooks he has screwed milions of pounds out of people he ruined a lot of lifes some people mental health is not good over this have these people no shame bastards
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We’re the Official Receiver already the biggest single holder of Store pods anyway after the winding up of the pension schemes? Does that mean they’ve given them back to them after seizing them in the public interest?
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I’d love to meet the Bastard!!
He wouldn’t do it again.
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Adam Smith, Hartley Pensions, which has taken over from Berkeley Burke value them at £1!
Significantly more than zero! 😉
This was fraud and deception, pure and simple, and if deliberately misleading investors isn’t something you can go to jail for then it should be.
Y
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I’ve lost 60k, how is it legal to operate this way? I’m now trying to earn towards my last 10 years of employment!
I genuinely feel sick
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