An investment scheme promoted by former Top Gear presenter Quentin Willson has been shut down by the High Court.
Store First claimed you could make money by buying storage units, which would then be rented out to the public.
Mr Willson said in a promotional video that he was always on the lookout for a good investment “like a guaranteed 8% in the first two years and up to 10% in years three and four”.
When I wrote about concerns surrounding Store First four years ago, the presenter told me that he had no involvement in the management of the company, insisting: “I’ve always been led to believe that Store First customers are getting the returns promised otherwise I wouldn’t have appeared on their website.”
Now, after a two-week trial, the High Court in Manchester has ordered the liquidation of Store First Limited and three sister companies, which raised £209million from the sale of storage pods in 15 locations across the country.
An Insolvency Service investigation found that investors were misled about the value of the pods, levels
of returns and the ability to exit from their investments, and were also sold unauthorised insurance.
“These four companies unscrupulously secured millions of pounds worth of investments using a variety of methods that misled investors, particularly those with pension savings,” said Scott Crighton, Insolvency Service chief investigator.
"The court rightly recognised the sheer scale of the problem caused by Store First’s sales of a flawed business model, based on misrepresentation and misleading information and has shut down these companies in recognition of the damage done to investors retirement plans."
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The companies wound-up along with Store First were Store First Blackburn Limited, Store First St Helens Limited, and SFM Services Limited.
The business will continue to operate, with the management being carried out by Pay Store, a subsidiary of Group First Global Ltd.
The Official Receiver has been appointed as liquidator. Public enquiries concerning Store First should be made to: The Official Receiver, Public Interest Unit, 2nd Floor, 3 Piccadilly Place, London Road, Manchester, M1 3BN. Email: PIU.North_StoreFirst@insolvency.gov.uk .
