The Serious Fraud Office (SFO) yesterday raided three properties and made four arrests as part of an investigation into Liverpool-based Signature Group.
The SFO said in a stement it had raided three residences and made four arrests in Merseyside and Greater Manchester as it announced it is investigating Signature Group – a business that attracted over a thousand UK and international investors in the redevelopment of iconic landmarks.
The Signature Group operated for over seven years, buying up predominantly historic buildings within the UK for redevelopment into luxury hotels, residential apartments and office spaces.
21 DEVELOPMENTS
Properties in the group’s portfolio of 21 developments included Millennium House in Liverpool and the Shankly (main picture) and Dixie Dean football-themed hotels as well as a cruise liner that was marketed as a “flotel” to be moored off Canary Wharf in London and travel to Ibiza.
Millennium House, LiverpoolOther developments included the George Best hotel and the Crumlin Road courthouse in Belfast and the Exchange hotel in Cardiff’s former Coal Exchange building. It also ran bars and themed nights too.
Investors loaned money to Signature or purchased a hotel room, apartment or office space in one of the group’s properties, with promised returns on their investment of between 8% and 15%. The business collapsed into administration with losses of up to £140 million.
ANTI-FRAUD AGENCY
This is the fourth new investigation launched since Director Nick Ephgrave QPM joined the UK’s specialist anti-fraud agency in September.
Nick Ephgrave, QPMYesterday’s SFO operation was supported by the National Crime Agency (NCA).
Ephgrave QPM, Director of the Serious Fraud Office, says: “The scheme offered attractive returns and used much-loved local landmarks to lure investors.
“We have people up and down the country left out of pocket, and buildings left derelict at the centre of our cities.
“Today’s arrests and searches will help us reconstruct exactly what happened. This is now an active criminal investigation.”
