Fri, 26 Apr 2013 | ADMINISTRATION
The UK side of property investment company Harlequin has filed for administration.
It appears that “unfounded negative publicity” surrounding a number of fraud allegations is behind the decision to put the company into administration.
The parent company itself is registered in the Caribbean, but it is Harlequin Management Services (South East) that has filed the administration claim following a decline in sales. The sales drop-off appears to have coincided with the investigations from the Serious Fraud Office (SFO), the Financial Services Authority (FSA) and the Essex Police.
A spokesman for the UK branch of the business commented: “Due to unfounded negative publicity in the public domain that has been instigated since 2011, the day-to-day UK sales business of Harlequin Property has become increasingly challenging, to the point that it is now almost impossible.”
The company's statement added that Harlequin Group's “underlying business model … is strong and the directors are confident that, with the external finance and property completions anticipated, our investors will see significant development at our resorts in the near future”.
Directors are hoping that the administration will provide an opportunity to rescue the business by giving it some space to deal with the negative press and other challenges that have threatened to take it down over the past few months.
____________________________________________________________________________
Related news:
How to turn around a struggling business
Long-established print management and design company managed by an experienced team who will remain in situ post acquisition.
Established approximately 5 years ago, the company is a highly regarded recruitment agency based in the East of England. The company serves the HGV logistics, construction, mechanical and electrical services (M&E), and criminal justice sectors, offer...
An opportunity exists to purchase the business and assets of a leading temporary recruitment company operating in Northern England and the South Coast of England. The company has an established trading history providing temporary staff to the logisti...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.