The provider owes investors an outstanding value of bonds worth £45m, not having paid them since October.
As a result, a security trustee took action and appointed administrators to protect the interest of investors. Directors at Duff and Phelps, Geoff Bouchier and Benjamin Wiles were appointed as the joint administrators.
Blackmore was founded in Manchester in 2016. It issued mini bonds to retail investors, with the minimum investment being £5,000. The money was then used to invest into a portfolio or property development projects.
Last June, the provider delayed filing its annual accounts following its previous auditor, Grant Thomson, walking away. It then failed to pay back any investors on time, with what should have been their quarterly July payment. Banking issues were to blame. Eventually, the July payment was resolved, but bondholders then failed to receive their October payment.
Bouchier explained how in the last few months there has been much concern over the company’s affairs, so ‘’ it will be a relief for bondholders to know that independent professionals have now been appointed to the company.’’
‘’We are immediately undertaking a review of the properties and will immediately commence an investigation into the company financial position’’.