Where I think I shall be leaving it. If the 3 shareholders have £3.5m of net assets between them, why do they need to borrow £65k unsecured (have they nothing they're willing to put up as hard security?) to refurb one of their bars, at what must be costing the business 25%+pa if lenders are to get 16%?
ps. Actually the 3 A&L statements appear to add to a net £2.8m, not the £3.5m claimed, and that includes a £300k life insurance policy (!?!)
So it's basically a small Funding Circle 'D' loan, without the (slight) added comfort of being originated by a platform that is at least well established.
Recourse to the actual bars themselves is presumably unavailable because both our firm and at least one further firm ( Bl***ne ltd) have plenty of outstanding charges to P****s bars.
Bl***e ltd is also in liquidation.
That firm (again, not the firm this loan is against, but shares 2 directors), has 5 outstanding charges, and the liquidators report notes that in addition, there are unsecured creditors to the effect of:
HMRC: £425k Other unsecured creditors: 41, for a total of £540k
Perhaps more worthy of attention also for any potential investors is section 13.2 of the progress report (Nov 17) of the winding up of that firm, which describes a number of assets and debtors liabilities that have been transferred to the firm that the Huddle loan is against, and for which each transfer is still under active investigation by the liquidators.
The obvious concern there is, as pointed out in section 13.2 (again) of the liquidators report this time, possible recovery of debt from P*****S bars I******S Ltd is stated as requiring further investigation as well as "claims for damages against the directors in misfeasance in respect of the asset transfers to <huddle loan firm>".
Note that I'm not implying any misdeeds here, I have no idea, just pointing out that for those whose bargepole isn't already thoroughly in stead, you might want to look into it further to confirm that that's taken into account. I'm not particularly feeling the urge to delve much deeper personally!
Loan added to the following: - Travel Guide, link - Travel Guide on DD Central, link - Google Earth kmz on DD Central, link - Huddle Capital loan book, link - Huddle Capital loan book on DD Central, link
Last Edit: Jan 22, 2018 17:04:40 GMT by dan1: Added links to Huddle Capital loan books
huddlecapital - loan 1000066 to P****** B*** is still not visible on the secondary market, it went live on 1 Feb.
The loan can be accessed by this direct link where it appears that bids/offers can be placed but understandably there are currently no bids/offers. Is this an oversight or is there an issue with this loan?