"Roof falls in on buy-to-let scam
Investors who put £100m into social housing rentals face heavy losses as company at centre of scheme goes under.
Well over 1,000 people are nursing heavy losses after being duped by a dodgy property investment company promising "guaranteed" annual returns of 15%, it was revealed this week.
The investors, who included accountants, lawyers and doctors, handed over five- and six-figure sums after being seduced by the company's glossy brochures and slick spiel, which talked about how they could cash in on the buy-to-let boom.
The firm, PPP Ltd (known as Practical Property Portfolios), used adverts in publications such as the Financial Times to wax lyrical about the money that could be made by purchasing cheap properties in the north of England, which the company would refurbish and let out to "social housing" tenants.
PPP was based in Gateshead, Tyne & Wear, and used a firm of solicitors called Murray Humphrey, which has offices across the north-east, while its "rental guarantee scheme" was underwritten by an Isle of Man insurance company called Templeton Insurance Ltd.
One of PPP's main directors, John Potts, clearly isn't (or wasn't) short of a bob or two. As well as driving a Bentley and an Aston Martin, he owns the actual red Jaguar MkII used in the TV detective series Inspector Morse.
Anyone with inquiries about PPP or its associated companies, which include Napeer (Holdings) Ltd, Napeer Housing Ltd, Bluebell Housing Ltd, Aaron de Vere Ltd and Janspeed Consultancy Ltd, should contact Anthony Supperstone and Charles MacMillan at BDO Stoy Hayward, 1 City Square, Leeds LS1 2DP.