The Newcastle company had previously been involved with the £29m Middlewood Plaza project in Salford and the £49m Cheshire Junction scheme in Warrington.
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Sarah Townsend
The company behind delayed projects including the £29m Middlewood Plaza in Salford and £49m Cheshire Junction in Warrington has launched a recovery plan including refinancing schemes and rewriting the terms of a seven-year investor loan note.
High Street Group, which is based in Newcastle and headed by chief executive Gary Forrest, has written to investors proposing to delay their annual returns from investments made in the company in return for possible equity in future,
Place North West has learned.
Under the terms of an existing High Street financial instrument, investors pump a minimum of £25,000 into the developer’s portfolio of UK private rental sector projects and receive interest of 12% per year over seven years, plus annual bonus payments if the original investment is retained.
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