The administrators of Carlauren Group have released their first report.
As previously covered, Carlauren Group holds a total of £21.7 million in properties going by their purchase prices (with one unknown), despite reportedly taking in £76 million from investors.
A £40 million asset freezing order has been placed on Carlauren owner Sean Murray. Murray subsequently filed for bankruptcy. Carlauren’s administrators, Duff & Phelps and Quantuma, have been appointed as receivers and are investigating his personal financial affairs.
The luxury pad in Poole with unclear commercial use owned by a Carlauren shell company is being sold. No recoveries are anticipated for investors due to the property being mortgaged to Together Commercial Finance.
Eight Carlauren properties were trading as hotels, but have now all closed; three were trading at a loss, one was flooded and Covid-19 finished off the rest.
The administrators have also been busy marketing the following Carlauren assets:
- a luxury motor cruiser named “Ademo”, sold for €455,000
- a Hawker XS800 jet, tastefully callsigned “M-URRY”
- a fleet of luxury motor vehicles, all but one of which seem to have gone AWOL.
One vehicle remains with a former member of staff and SIA have been instructed to collect and sell the vehicle, unforutnately due to the pandemic collection has not yet been possible. Investigations into the other vehicles are ongoing.
Jets (Bournemouth) Ltd, a modestly successful aircraft engineering business, which had been trading profitably since 2004 until Sean Murray decided he liked the look of it, has also been sold for the sum of £185,000, saving 25 local jobs according to the administrators.
According to Companies House the purchaser was Osama El Circy. El Circy is the founder of Future Green Investment, a Luxembourg company which describes itself as “a catalyst to spearhead a new global investment regime”. In addition to Bournemouth engineering, El Circy’s diverse investment interests include algae-based clean energy and, for some reason, running shoes.
The administrators anticipate that dividends may be payable to unsecured creditors of Carlauren, but due in part to the complexity of Carlauren’s scheme, how much is unclear.
Image credit: Wbarnato, CC BY-SA 3.0