Westway Holdings collapses into administration

Westway Holdings has collapsed into administration, according to the Gazette.

Reviews left on Trustnet suggest the company stopped repaying investors around November 2019.

I reviewed Westway Holdings in January 2018 and concluded that, despite Westway’s brochure claiming “income underpinned by Government allowances”, its bonds were inherently high risk.

In June 2019 an individual calling himself “Mark” claimed in the comments under the review “many of your statements are factually incorrect and seem designed to scare people” and “every investor to date has received every coupon payment due, with over £2 million repaid upon maturity of historical bonds” (which sounds like inside information to me, unless Westway were touting this irrelevant factoid in promotions or investor communications).

“Mark” failed to point out any incorrect statements in my review. Westway collapsed a few months later.

How much investor money is at risk in Westway is not known, as the company fell overdue with its accounts around the same time that it stopped paying investors. (A figure of £20 million has been mentioned in the review comments but this is unverified.)

How do I get my money back from Westway?

Westway’s investor list has already made its way into the hands of recovery scammers, who have contacted investors already knowing about their Westway bonds. Anyone who cold-calls you claiming they can get your money back from Westway or want to buy your bonds is a scammer.

How Westway’s investor list was leaked to recovery scammers is not known.

If you were advised to invest in Westway by an FCA-regulated company, you may be able to recover your money by making a formal complaint to them.

If the company refuses to provide compensation, the complaint can be taken to the Financial Ombudsman, which can order compensation up to a defined limit. If the company is unable to pay, you would be covered by the Financial Services Compensation Scheme up to £85,000 per person.

Investors should avoid Claims Management Companies (CMCs) as they are unnecessary, often have a lower success rate than direct complaints, and charge eye-watering fees. The FOS and FSCS process is slow but straightforward.

Otherwise the standard procedure is to write off the investment and treat any recovery as a bonus.

19 thoughts on “Westway Holdings collapses into administration

  1. The “Mark” that you refer to is Anthony Marks of Westway Holdings – he has changed his name from Mark Anthony McGovern. The reason for this, he went to jail in 2012 for VAT fraud money laundering and skipping bail.
    He went on the run to Spain was arrested in 2012 in France and went to jail for 3 or 4 years.
    If you search the BBC for Mark McGovern and fraud, the story is well documented.
    Tony Marks / Mark McGovern hangs out with ex footballers and lives a champagne lifestyle with houses on golf courses in Spain etc
    It’s reported he’s hiding out in Estonia- there’s a lot of information on Trustpilot if you search Westway Holdings in Administration…. it’s almost certainly scam and front for money laundering.

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  2. Why did the security trustee (a firm of accountants) not take action when the company defaulted on interest payments in the autumn of 2019? As they appear to have failed to use the floating debenture to protect investors, do they have professional liability insurance that can be used to make up the difference between what is owed to investors and the amount that willl be raised from a fire sale of Westway’s assets?

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  3. PI insurers insure against accountants cocking up their sums, they don’t guarantee unregulated investment schemes. The money is almost certainly gone.

    It is highly unlikely that calling in liquidators earlier would have made any difference. If any investor objected to the Security Trustee giving Westway more time, they were free to bypass them and take Westway to court – which is what happened.

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  4. A Westway Holdings victim who was sold the investment by Ipsum Invest has been cited by Surrey Police as a case study in its warning over investment fraud:

    https://www.surrey.police.uk/news/surrey/news/2020/06/be-wary-of-investment-fraud-scams-in-surrey/

    Ipsum Invest were acting as an Appointed Representative of MET Facilities LLP so anyone who was sold Westway Holdings bonds by Ipsum Invest could have a claim against MET Facilities using the FOS.

    Is anyone pursuing this route? I would be happy to help.

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  5. Was this pre November 2018 when Curzon were FCA authorised?

    When you say “sold by” do you mean someone from Curzon personally recommended Westway’s bonds?

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  6. Hi I was recomend by Cruzon capital to invest westway bonds on14/7/2016 I was advised it was a safe and fully insurance backed bond money for bond was sent to cruzon I still have a note of there banking details

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  7. Curzon was an FCA-regulated firm at the time. You need to write a formal complaint to Curzon, stating that 1) you were advised to invest in Westway bonds 2) the bonds were inappropriate for you due to their high risk nature.
    If Curzon fails to redress you within eight weeks of your complaint, you can take it to the Financial Ombudsman. If Curzon goes bust you can claim from the FSCS.
    This is a straightforward process and can be DIYed, unlike going to court. You should avoid claims management companies, as they will take a huge chunk of your compensation for nothing.

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  8. James – it looks to me like they were registered with the FCA at the time:
    https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfIFkAAN

    Any paperwork you can dig out saying they recommended this investment and the reasons why would be very useful.

    On the face of it (though we have few details) you have a valid claim which the FCA should back up, putting you in a much more fortunate position than most.

    If you run into opposition see the post by Mark Taber above offering to help. He is a well known campaigner who has had many successes.

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  9. Direct Property Investment is not FCA authorised so the FOS and FSCS are not available.

    Westway Holdings aren’t being pursued anymore, they’re in administration, and I strongly doubt that DPI had anything meaningful to do with that process. Why would they waste the money they took off you in commission?

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  10. Administrators were appointed by the court on 26 May. As I understand it they have 8 weeks to produce a report which should give us a good idea of how much money we could get back. They are the only ones privy to what the financial position of Westway Holdings really is. Anything else is just speculation.

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  11. I wonder whether anyone can assist?

    My late father-in-law was a Westway Holding mini-bond holder. The mini-bond formed part of his estate.

    We are not sure who advised him to invest. He certainly was not a ‘sophisticated investor’ nor a ‘high net worth individual’.

    He lived in Osset, West Yorkshire.

    Does anyone know of any firms in the area that have been involved in marketing Westway mini-bonds to their clients?

    Thanks.

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  12. You could try asking the administrator. Unless Westway’s records are completely kaput they should record who introduced your father-in-law. They knew who it was at some point in order to pay them commission.

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  13. Hi Brev,

    I found out that my investment with westway holdings fund, were deposited in HILBERT Investment Solutions Financial Services Register number 698380, HILBERT Investment Solutions still to date have the webportal available here https://westwayholdings.infinityaccount.co.uk and shows my investments.

    When I called HILBERT Investment Solutions, they told me that they cease dealing with westway holdings and did not want to comment on how or where to funds are.

    do I stand a chance for compensation from HILBERT Investment Solutions

    I appreciate in advance for your time in answering my question

    Thank you

    Like

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