Banned directors - Guy Hemphill and Nick Stein – start up Hillgate Associates LLP

 

 

Guy Francis Hemphill (DOB: 22.3.1966) and Nicholas Martin Stein (DOB: 24.2.1956) banned from being company directors due to Land Heritage (UK) Ltd a failed land banking scheme.  Ban runs from 12th May 2010 to 11th May 2017.

See: Landbanking flop ends field of dreams

700 people hoped for an 800% return; instead, they lost a total of £7m

  

Despite being banned directors they have set up Hillgate Associates LLP (incorporated 5th May 2015), which has two branches –  Ebury Wealth and wine-traders. 

Ebury Wealth: 

 

Ebury Wealth – business and personal financial solutions 

'Additionally, Ebury is able to offer financial solutions for personal financial planning. This could range from Tax Planning to starting a SIPP. Where appropriate this draws on Ebury’s connectivity to the Wealth Management and IFA community, working with IFA’s regularly featuring in the New Model Advisor Top 100. Our financial advisors are selected not only on their investment expertise but also based on approach and attitude, to ensure that we can provide a perfect fit for our clients.

Whether you are looking to generate and sustain wealth creation in your business or to consolidate personally with financial or investment advice, Ebury Wealth offers a holistic personalised approach across a full range of financial service goals.'

Important disclaimers on Ebury Wealth site: 

'Ebury Wealth accepts no responsibility or liability for loss which may arise from accessing or relying on information or ideas contained within this site or provided by a third party as a result of an introduction from Ebury Wealth. Ebury Wealth is not authorised by the FCA and does not offer investment advice.'

'Eburywelath.com (sic) is an independent marketing website which only acts as an introducer to companies who offer Financial Advice. Companies on our network are authorised and regulated by the Financial Conduct Authority. Eburywealth.com are not authorised to give any advice and we are not liable for any financial advice provided by, or obtained through a third party.'

'personal financial solutions' – 'not authorised by the FCA and does not offer investment advice'

I'm a little confused here. Ebury Wealth LLP claims to offer personal financial solutions but is not authorised or regulated by the FCA (Financial Conduct Authority) and doesn't give any financial advice. If it really doesn't give financial advice how then can it offer 'personal financial solutions'?   

Wine Traders 

'Wine Traders was formed by a small team with both financial qualifications from the Chartered Institute for Securities & Investment (CISI) and wine qualifications from Wine & Spirits Education Trust (WSET). Our vision is to enable investors who have an interest in laying down fine wine to do so with greater transparency and better prices.'

Curiously no mention that the two officers – Guy Hemphill and Nick Stein – were directors of collapsed UK Heritage (UK) Ltd and are currently banned from being directors from 12th May 2010 to 11th May 2017.

NB: Wine Traders has no connection with Winetraders (UK) Ltd established in 1998. 

It is extraordinary that two banned directors – Guy Hemphill and Nick Stein – can set up an LLP offering wine investments and 'personal financial solutions'! 

I'll certainly steer well clear of Hillgate Associates LLP, Ebury Wealth and Wine Traders.

    

21st July 2016 – Update
Nicholas Stein resigned as an LLP Designated Member on 1st July 2016. Guy Hemphill and Stein have applied to have the Hillgate Associates LLP struck off from Companies House Register. 

11th February 2019 – update
Hillgate Associates LLP was dissolved on 20.10.2016 – voluntary strike-off. 

Guy Hemphill has written a detailed account of the events surrounding Land Heritage Ltd – its founding, philosophy, liquidation, settlement with law firm on advice given following action taken by the liquidator:

See note on CreditMan:
'The company has been in liquidation since December 2006 after the FSA intervened to stop the company trading as it was operating an unauthorised collective investment scheme by offering plots of land to the public under a land banking scheme. Since then the liquidators have successfully won damages from its former advisors which have enabled them to look to make a payment to the unsecured creditors, including plot holders who agree to return the plots of land to the company.'   

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Stephen Cleeve: Commercial Land and legal action

From lovemoney.com

I have been contacted by Jason Marshall, collections director at H&J Recovery Services on 07753-421136, jasonmarshall@hjrecovery.co.uk, www.hjrecovery.co.uk. Marshall represents a client who invested £61,000 in one of Stephen Cleeve's land banking schemes through Commercial Land and saw no return. An out of court settlement has been offered but this has been judged as too low and County Court proceedings have now been launched. 

Marshall is very keen to hear from other clients of Stephen Cleeve, who have invested in his land banking schemes, with a view to taking legal action to recovery money lost. 

I shall be interested to see if following this post I get hassled by one of Stephen Cleeve's expensive legal firms claiming that I am harassing him and invading his privacy. See this 2011 post.

Stephen Cleeve is a formerly banned company director (an 8 year term) and was briefly UKIP's parliamentary candidate for the 2010 General Election until they found out about his past. 
     
  

Clampdown on land bankers

Reports here of various arrests, complusory liquidators and voluntary liquidators amongst land banking companies largely based in the Bromley and North Kent area. Frequently there are links between land banking companies and those offering wine investments.

Report here in the Financial Times on 16th November 2011 on arrests made by the FSA, although no charges as yet.

Series of reports here from The Mirror includes reports on arrests by the FSA, the collapse of Countrywide Land Holdings into voluntary liquidation, the complusory liquidation of Regency Land and the apparent flight of a director to Northern Cyprus. 

BBC Money Box on land banking scams

'Thousands of people are being persuaded to invest large sums of money in land which is almost worthless, the BBC has learned.

The Financial Services Authority (FSA) said it was investigating about 20 schemes, known as land-banking or land investments.'

Watch the video here of how one man was conned into 'investing' £100,000 in worthless fields.