Landbanking duo wound up

Published on

Two companies have become the latest landbanking firms to be wound-up following an investigation by The Insolvency Service.

Regency Land Sales Ltd and Regency Land Group Limited IBC, based in London, Spain and Belize were both wound up in the High Court following an investigation by the Government’s Companies Investigations, part of The Insolvency Service.

As well as selling worthless land, the companies even attempted to sell land they did not own, The Insolvency Service said.

The investigation found Regency Land Group Limited, formed in Belize and operated from offices in Spain, used telesales methods to sell small plots of agricultural land in Grantham to members of the public. The company misleadingly suggested the land would ‘accrue further value when it was rezoned for planning purposes’. In reality, enquiries made of the local authority by Investigators have confirmed there is no real prospect of such rezoning taking place. Regency Land Sales Ltd, an England & Wales registered company, acted as UK sales agent for its offshore relation.

The investigation followed on from an earlier enquiry into Britannia Land Management Limited, which also sold land in Grantham and which identified similar concerns over the activities of that company, resulting in it being wound up by the High Court in the public interest on 18 October 2010.

Both Britannia and the Regency companies have been managed by Llewellyn Adam Hannah-Shelton, a UK citizen resident in Spain.

During the investigation, Hannah-Shelton and others said to be in control of the two companies failed to co-operate with investigators and did not provide full information regarding their affairs. Nevertheless, the investigators were able to establish that the land sold to the public was never legally transferred into their names and that whilst purchasers were given a “guarantee”” of 8% growth on their investment in the first 12 months

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Small firms show renewed appetite for finance as regional investment widens

The use of external finance by smaller UK businesses remained broadly stable in 2024,...

Aldermore unveils Platinum Broker status to deepen ties with asset finance partners

Aldermore has launched a new Platinum Broker status within its asset finance network, designed...

Rule changes expand options for first-time buyers

Tens of thousands more homes could have been within reach of first-time buyers over...

First-time buyer growth slows as affordability pressures persist

The number of first-time buyers entering the housing market has risen sharply this year...

Self-employed borrowers still facing barriers to mortgages

Self-employed workers continue to face significant hurdles when applying for mortgages, despite the majority...

Latest publication

Other news

Small firms show renewed appetite for finance as regional investment widens

The use of external finance by smaller UK businesses remained broadly stable in 2024,...

Aldermore unveils Platinum Broker status to deepen ties with asset finance partners

Aldermore has launched a new Platinum Broker status within its asset finance network, designed...

Rule changes expand options for first-time buyers

Tens of thousands more homes could have been within reach of first-time buyers over...