Deal hoped to save hundreds of Harlequin Property clients' investments on the table (From Basildon Recorder)
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Deal hoped to save hundreds of Harlequin Property clients' investments on the table
A LAW firm today said it reached a deal with struggling Harlequin Property that could rescue hundreds of investments in its flagship resort.
Harlequin, of Honywood Road, Basildon, met with solicitors from Regulatory Legal which has set up an investor group, including a number from Essex, to try to safeguard investments in the Buccament Bay resort in St Vincent in the Caribbean.
Thousands of people who invested in planned properties across six luxury Caribbean resorts, including Buccament Bay, feared they may lose their money after Harlequin's sales company went into administration in April.
However, Harlequin and Regulatory Legal have since worked on a restructure plan to make investors trustees and give them more security.
Harlequin boss Dave Ames, said: "My top priority has always been to take care of our investors, so I’m delighted we can announce this plan to give people greater security. This is a positive step forward that will benefit investors all-round as the confidence it brings will also assist with acquiring external finance, which will accelerate the continued development of the resort.
"The Prime Minister of St Vincent and the Grenadines has assured me that the new international airport will open next year, so I am keen that construction recommences at the resort as soon as possible.”
A spokesman for Regulatory Legal said: "We have agreed, in principle, to a process that will lead to investors as members of a trust, holding security against the land title.
"In order for investors to secure their investment, Harlequin & Regulatory Legal Solicitors would urge all Buccament Bay investors to entertain this plan and become involved as a member of the trust.
"The security arrangement will only apply to Buccament Bay but Harlequin has agreed to consider using similar arrangements for its other Caribbean projects."
Harlequin hit the headlines after the Echo revealed it had sold 6,000 units but built around 300 at Buccament Bay.
It then emerged the Serious Fraud Office was investigating, but the firm vehemently denied any wrongdoing.
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