OwnerShips: owners secure, but others lose
The already owned Fradley Junction Boatyard probably didn’t need an investment scheme to buy it… photo: Waterway Images
While a new company could be formed to run the 104 boats in the failed OwnerShips scheme, anyone who invested in any of a number of investment projects with the late Allen Matthews has probably lost all their money.
INLAND WATERWAYS: Share owners and investors involved in the failed OwnerShips boat share scheme packed the Stevenage Arts & Leisure Centre on May 8 to hear the company’s financial director, Anthony Trueman, explain the current situation and to explore possible ways forward, writes Harry Arnold.
Although each group’s ownership of their boat remains secure, Mr Trueman explained that anyone who had invested in various optional projects run by the late managing director Allen Matthews had probably lost everything.
These projects included marina investment, free management, buy back insurance and the Fradley Boatyard Investment scheme. But it should be explained that the boatyard at Fradley Junction had already been purchased independently by a single investor – although under the OwnerShips banner – so the investment scheme promoted to buy it was probably somewhat dubious. The Fradley boatyard remains operational as a separate entity.
Mr Trueman went on the explain that the main business of maintaining the fleet of 104 shared ownership narrowboats was financially sound, providing some efficiencies were made, and – although it couldn’t be run under the present name – a new company could be formed to operate it.
The new company would be totally financially transparent with the owners as shareholders, with the allocation of shares reflecting the percentage of total loss from schemes promoted by Allen Matthews.
There were many questions from the floor and mandate forms were distributed to those present (and later sent to all other owners) asking for their opinions. We understand if sufficient owners are in agreement then a formal proposal regarding the launching of a new company will be made.
Meanwhile, we understand that other companies who provide facilities for managing shared ownership and timeshare narrowboats – such as BCBM of Nantwich, which took on a lot of Challenger Syndicateships’ craft, and the multi-based ABC Leisure – are offering their services to OwnerShips’ customers.
We also hear that some marinas where OwnerShips’ boats are based have made management offers to syndicates located at their premises.
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