| Freshstart Living / Fresh Start |
| Selling property they do not own |
| 9th of Mar, 2012 by Not Freshstart Living |
FreshStart Living has pledged to return money handed over by customers
Thebusinessdesk.com
By Mike Fahy
AMBITIOUS developer FreshStart Living has pledged to return money handed over by customers after the collapse of one its property deals.
The Salford company, which last week announced plans to raise up to £50m from a stock market flotation, exchanged contracts on a portfolio of 77 houses in Greater Manchester which were in receivership. However, its own deal with the receivers fell through.
A sister company, FS Properties Issler Ltd, exchanged contracts with buyers in the run-up to Christmas and urged several clients to place deposit monies in solicitors' client accounts on the first working day of the New Year - January 4.
Despite this, it then failed to complete its own deal with Deloitte, which was acting as Law of Property Act receivers for the portfolio.
FreshStart Living chief executive Charlie Cunningham said that it failed to complete the deal with receivers as an issue arose over stamp duty payments which made it less attractive.
He added that FreshStart clients who have already exchanged contracts for the properties have either already been paid or will be repaid.
"The only people who have lost money in this is FreshStart Living," he added.
Mr Cunningham, 33, who has joined from London-based corporate broker FinnCap, has expressed his confidence in being able to achieve a stock market flotation of the business this year for a value of up to £50m.
Until last year Fresh Start Living Ltd and several sister firms were run by Salford businessman Andrew Camilleri.
He resigned in January 2011 three months prior to being declared bankrupt. Companies House records show that the business is now owned by Alan Pierce, who is related to Mr Camilleri.
Currently, Fresh Start Living Ltd and at least 25 other active firms with a Fresh Start Living or FSL Properties prefix are being run by sole director Philip Wright, who was previously a director of Salford-based developer Wrightchoice Developments before it was placed into liquidation last year.
A statement of affairs provided by Mr Wright to liquidators Cooper Williamson shows that it owed £4.2m to creditors - £2.1m to trade creditors, around £686,000 to HMRC and just over £1m to Fresh Start Living Ltd.
Mr Cunningham told TheBusinessDesk.com that part of his new role "is getting the company and its accounts in shape where it is ready for an IPO".
This will include the creation and filing of new group accounts.
"As it stands, we wouldn't view it as suitable (for flotation), but by the time we've done everything we've planned we think there will be a very compelling case for investors."
Mr Cunningham said that he has floated 50-60 small cap companies on AIM in recent years and is confident about the prospects for FreshStart.
"A lot of people I've spoken to in the City are very interested in this as an investment," he added. |
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Montgomery House landlords are taking action against Fresh Start Living who are failing to honour their rental guarantee agreements. A number of landlords have received nothing since June 2012!!
This situation is alarming as we understand that all pods in the property are currently rented out to students, many of whom have handed over rents for the entire academic year to Fresh Start.
However Fresh Start appear to have so far pocketed the money as many landlords have either received bad cheques or are being fobbed off with the following excuses - promises to pay by the end of the week; computer systems failure; or blaming individual employees as dishonest, incompetent or both!
If you have had similar experiences with this company please contact us via
"I am a journalist for The Times and I am interested in hearing from people who have invested in 'student pods' through companies like Fresh Start Living. Please contact me at [email protected] |
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Fresh Start Living Limited has approached creditors with a view to agreement to a CVA (company voluntary arrangement). It is insolvent.
Any creditor considering this option should bear in mind that the director of Fresh Start Living Limited, Philip Wright, placed his last company (Wrightchoice Developments Limited) into a CVA which failed.
Wrightchoice Developments Limited is now in liquidation. The value of creditors is £6million.
NO ONE HAS RECEIVED A PENNY. |
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FSL Management Montgomery Limited trading as Fresh Start Living placed into liquidation
RSM Tenon has been appointed by the Secretary of State as liquidators to FSL Management Montgomery Limited following a winding up order made earlier this week. The company traded with a number of other companies under the name of Fresh Start Living.
The company has been placed into liquidation following the non-payment of rent in excess of £140k to investors in Montgomery House, a student property in South Manchester. Students living at Montgomery House will be unaffected by the Liquidation.
A spokesperson from RSM Tenon commented “we are liaising closely with the investors during our on-going investigations in order to support them throughout this process”.
Any investors or creditors of FSL Management Montgomery Limited should contact RSM Tenon by email
[email protected] |
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There is now a single collective forum to enable Investors in any of the Freshstart Living/FSL companies to voice any concerns/problems we may have had. Please use it, and publish the following website address wherever you can. Hopefully, this will prove beneficial for the many people who have invested money in fresh start living property investments.
www.freshstartlivinginvestors.blogspot.com
also, direct email : [email protected] |
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