Duff & Phelps was this week appointed administrator of Manchester-based Blackmore Bonds.
It is not yet known if the two firms had links but both asked investors to put money into bonds which were used to fund property and other investment schemes.
The Financial Services Compensation Scheme is continuing to probe the cases of thousands of victims of the London Capital & Finance (LCF) £236m mini-bond collapse. A total of 11,600 investors were hit by the £236m failure of London Capital & Finance.
Financial Planning Today has asked the FSCS if it plans to look into Blackmore.
Property firm Blackmore was founded in Manchester in 2016 and issued ‘mini-bonds’ to retail investors. It asked for a minimum £5,000 investment and the firm’s website was still live today.
Money was used by Blackmore to invest in a string of residential property projects, including blocks of flats in Stevenage and other parts of the country.
Geoff Bouchier and Benjamin Wiles of Duff & Phelps were appointed joint administrators of Blackmore Bond plc on 22 April.
Blackmore bondholders have not received due payments since October despite assurances from the directors this year that the situation would be resolved.
Duff & Phelps says that a representative bondholder recently issued a winding up petition against the company. Having become aware of the winding up petition and with increasing concern about activities affecting the interests of the bondholders, the security trustee took steps to appoint administrators.
Geoff Bouchier, joint administrator, said: “There has been concern regarding the company’s affairs for several months so it will be a relief for bondholders that independent professionals have now been appointed to the company. We are immediately undertaking a review of the properties and will immediately commence an investigation into the company financial position.”
Companies House records show Blackmore is nearly 16 months late in filing its annual accounts.
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