In a filing with Companies House, High Street Group's former auditors, Big Four accounting juggernaut PWC, have finally revealed why they resigned from their post.
PWC's declaration is damning: it states that it resigned because it couldn't trust the figures HSG was giving it, making an auditor's job impossible.
Moreover, HSG's management consistently blanked PWC's attempts to obtain reliable information.
High Street Group has finally filed the December 2018 accounts for its holding company, High Street Grp Limited [sic].
Having achieved the rare feat of being overdue with not one but two sets of accounts for the same company, High Street Group remains overdue with the High Street Grp accounts for 2019, and 2018 and 2019 accounts for High Street Commercial Finance Limited.
On the turn of the year, High Street Group, which had already been overdue with its 2018 accounts by 15 months, fell overdue with its 2019 accounts as well.
Private limited companies must by law file accounts with Companies House nine months after the end of the accounting year. This deadline was temporarily extended to twelve months due to lockdown. High Street Commercial Finance Limited and High Street Grp Limited fell overdue with their December 2018 accounts in September 2019 and are now also overdue with their December 2019 accounts.
The company has repeatedly blamed the pandemic for both failure to repay investors' money on time and for its failure to file accounts. Why the three month extension given by the Government to all businesses is not enough for High Street Group, and what this has to do with their December 2018 accounts which were overdue months before the pandemic started, has never been fully explained.
Research by an anonymous Bond Review reader has brought to light the past of High Street Group owner Gary Forrest.
In October 2009 Gary Forrest was made bankrupt in Newcastle County Court, following a petition filed in December 2008.
A High Street Group subsidiary has been put into administration following a battle with a creditor in the High Court on 30 September.
For clarity, I will emphasise that neither High Street Commercial Finance Limited, which issues the loans covered in my 2018 review, nor the holding company High Street Grp Limited are in administration. The company which is in administration, High Street Rooftop Holdings Limited, is another subsidiary of High Street Grp.
Last week the Mirror's Andrew Penman investigated one of the introducers flooding Google Ads with high-risk unregulated investments targeted at savers looking for non-high-risk savings. His article, Scamming with impunity: the GoogleAd sham investment comparison websites, is well worth a read.
Penman turned the spotlight on Ilian Stoimenov, who had parked his caravan on the Google search results for "good ISA rates". One of the first hits was for sterling-isa.com, aka Lead Generation Limited.
I can reveal, thanks to a reader who has asked to remain uncredited, that excellent-bonds.com is promoting High Street Group.
A few weeks ago The High Street Group became the ninth company to launch a legal complaint against Bond Review.
This complaint was not directed at me. Indeed I've received nothing from The High Street Group directly.
Instead it was directed at WordPress which provides third-party web design services to Bond Review.
WordPress passed the complaint to me and told me that they would be taking no further action.
Normally when this happens I don't waste time dwelling on it. Going public about a legal complaint risks escalating it and I have better things to do. I leave it to the complainant to decide whether they want to see me in court, which so far none of them have.
Here I'm making an exception because The High Street Group has attempted to have Bond Review completely shut down on the basis of me being a "repeat infringer".
High Street Commercial Finance, which has issued a series of bonds to the public via unregulated introducers, has finally filed its accounts for December 2017, nine months overdue.
High Street Commercial Finance Limited is the arm of the High Street Group which borrows money from investors.
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).
Continue reading for a review of the High Street Group investment opportunity.