The High Street Group
Creditors Action Group
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Creditors Action Group
Are you a concerned creditor looking to get your money back? If you are owed money from The High Street Group we would like to hear from you. We are forming a group where creditors can get together and formulate a way forward to recover losses. Take a look at our Join Us page.
We have established this website and also established a group Facebook page for everyone to unify our efforts.
The High Street Group state in their promotional brochure "Money raised through the issuance of the Loan Notes will be used to explore opportunities, grow the company and assist towards the goal of growing the company to a £1 billion business in 7 years." ........In other words, give us your money.
In return for handing over your cash a return of 12% per annum is promised over a 7 year period with an exit clause at each anniversary subject to 30 days notice prior to the anniversary. Interest is stated as annually. Those that stay the full 7 year distance are promised incremental interest bonuses each year up to a maximum of an additional 10% at year 7. An example is given for a £100,000 investment over the full 7 years yielding interest of £120,000 plus return of capital.
How is your investment secured? Investors are promised a "Debenture over The High Street Group / Corporate Guarantee". Anyone from a Corporate finance background will tell you that this type of security is pretty much worthless. It just sounds good.
Independently Audited Accounts?
Certainly as far as the holding company is concerned there aren't any. The accounts filed with Companies House for High Street GRP Limited have been lodged under supervisions that only require sign off by the Director, Mr G R Forrest. There is no independent audit of any of the company's figures. The last set of accounts filed are for the year ending 31 December 2017 with a Companies House red warning that accounts are overdue. The net asset position is reported at £40.6 million. However this is derived from "Investments" reported at £41 million. The notes to the accounts describe these investments as:-
"Fixed asset investments revalued. Investments 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 investments is £100,101."
The High Street Loan Note Product Overview brochure lists 20 companies within the group. These have been cross referenced against the registered information with Companies House and compiled into this spreadsheet. E&OE.