Reports have been published highlighting the reasons for auditors resigning from the High Street Group after compiling the company’s accounts.
Accountants PwC stood down as auditors of High Street Group - the developer behind Hadrian’s Tower in Newcastle - saying that it had not been able to obtain the information needed to complete a reliable audit on the company.
PwC had reported issues and delays from the management at HSG which had created a “pervasive” environment that led to its resignation.
In June, High Street Group locked down its £100m, seven-year loan note, after asking investors to waive their rights to draw funds. The developer cited financial challenges, amid delays in development and a slowdown in sales of completed projects.
The change of company name from High Street Group Plc to Hadrian Real Estate Plc was registered at Companies House on 10 August. Andrew Marsh was appointed a director at the company in January, with Gary Forrest departing on 6 August. Investors have since received letters informing them of the new ownership.
Hadrian Real Estate lists a portfolio of 15 high street residential projects, with an end development value of £751m. This includes Cheshire Junction in Warrington, Kent Street Baths and Holloway Head in Birmingham, Arundel Street (in a jv with Freddie Flintoff’s Logik) and Silbury Boulevard in Milton Keynes. Most of the sites have been sold to funds, including Edmond de Rothschild, Invesco and Grainger, under High Street Residential. Just £25.4m of the pipeline is yet to secure funding.
We understand that some investors into HSG haven’t received their promised returns. If you have invested but not receive your promised returns.
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