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.
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