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Investors face battle for cash after ‘field of dreams’ firm goes bankrupt
September 05, 2008
Investors who bought plots of Finchampstead farmland on the basis of exaggerated claims they could triple their money are facing an uphill struggle to get their money back.
The investors, mostly from overseas, bought plots of land at Church Farm in Finchampstead Road for up to £20,500 from landbanking company UK Land Investments (UKLI).
However, an investigation by administrators winding up the activities of UKLI has found the land was in fact owned by another company, Regents Land, and was one of four sites in the UK owned by the firm which attracted hundreds of investors.
UKLI falsely claimed the plots of land would soon obtain planning permission for housing and would soar in value, tempting up to 200 people to invest in the scheme.
But in the case of the Finchampstead land it was highly unlikely development would ever take place and the site is not one of Wokingham Borough Council’s planning areas for future housing.
Regents Land has not been closed down, however information on UKLI’s website from administrators Deloitte and Touche LLP says it does appear the firm has no plans to sell any further plots or progress planning applications in relation to land it owns.
For more see this week's Wokingham Times
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