Discussion
Anyone have any thoughts on Blackmore who currently have some decent interest rates on savings (8.5% on a 5 year investment).
https://www.blackmorebonds.co.uk/?utm_source=bsr&a...
https://www.blackmorebonds.co.uk/?utm_source=bsr&a...
You are lending money to a 24 month old company that made a £7,624,631 loss last year and had minus £7,574,631 of total equity for this period.
It also appears to have had no income for this period.
Just as worryingly, its accounts state "The consolidated loss of £7,624,631 shown on page 12 of the accounts has primarily arisen from the charging of distribution fees from our strategic partner, Surge Financial Limited. These are fees charged to the group for sourcing new investors..."
Surge Financial Limited is not an FCA authorised or regulated company and therefore cannot give investment advice.
Surge's website state it will turnover £50m this year and they have 150 full time employees. However, its last accounts at Companies House (posted June 29 2018) are unaudited Total Exemption accounts. The two do not in anyway tally.
Surge does have a handy £4,265,130 cash at bank however, where do we think this might have come from...
Don't walk away, run!!!
It also appears to have had no income for this period.
Just as worryingly, its accounts state "The consolidated loss of £7,624,631 shown on page 12 of the accounts has primarily arisen from the charging of distribution fees from our strategic partner, Surge Financial Limited. These are fees charged to the group for sourcing new investors..."
Surge Financial Limited is not an FCA authorised or regulated company and therefore cannot give investment advice.
Surge's website state it will turnover £50m this year and they have 150 full time employees. However, its last accounts at Companies House (posted June 29 2018) are unaudited Total Exemption accounts. The two do not in anyway tally.
Surge does have a handy £4,265,130 cash at bank however, where do we think this might have come from...
Don't walk away, run!!!
Skyedriver said:
Thanks Guys
I suspected something was too good to be true. It comes up if you google 10 best savings accounts, just seemed wrong. Running shoes now laced up, but barge pole is heavy!
You were right to query it and bring it to other's attention here.I suspected something was too good to be true. It comes up if you google 10 best savings accounts, just seemed wrong. Running shoes now laced up, but barge pole is heavy!
It is not (in any way, shape or form) a savings account. It is a completely illiquid and non-transferable loan to a 24 month old, loss making, debt ridden company. In other words, a complete and utter unregulated scam with absolutely no FSCS protection.
JulianPH said:
You are lending money to a 24 month old company that made a £7,624,631 loss last year and had minus £7,574,631 of total equity for this period.
It also appears to have had no income for this period.
Just as worryingly, its accounts state "The consolidated loss of £7,624,631 shown on page 12 of the accounts has primarily arisen from the charging of distribution fees from our strategic partner, Surge Financial Limited. These are fees charged to the group for sourcing new investors..."
Surge Financial Limited is not an FCA authorised or regulated company and therefore cannot give investment advice.
Surge's website state it will turnover £50m this year and they have 150 full time employees. However, its last accounts at Companies House (posted June 29 2018) are unaudited Total Exemption accounts. The two do not in anyway tally.
Surge does have a handy £4,265,130 cash at bank however, where do we think this might have come from...
Don't walk away, run!!!
Well done that man!It also appears to have had no income for this period.
Just as worryingly, its accounts state "The consolidated loss of £7,624,631 shown on page 12 of the accounts has primarily arisen from the charging of distribution fees from our strategic partner, Surge Financial Limited. These are fees charged to the group for sourcing new investors..."
Surge Financial Limited is not an FCA authorised or regulated company and therefore cannot give investment advice.
Surge's website state it will turnover £50m this year and they have 150 full time employees. However, its last accounts at Companies House (posted June 29 2018) are unaudited Total Exemption accounts. The two do not in anyway tally.
Surge does have a handy £4,265,130 cash at bank however, where do we think this might have come from...
Don't walk away, run!!!
Mortgage_tom said:
Well done that man!
Cheers Tom! 
I've done a bit more digging. Blackmore took in £25,371,225 of 'investor loans' last year and paid the unregulated Surge Financial Limited £5,128,542 for "sourcing investors loans and front and back office operations relating to the investors" over the same period.
It also paid £2,516,022 to a company called DMUK Limited for "services and costs related to projects". This company was dissolved during this period.
The accounts show what appears to be a further £3,232,220 of "Distribution fees" and £1,97,500 of "Management fees".
In fact, the accounts state that £21,399,272 of the net cash raised was used for "operating activities" and only £1,432,416 was used for "investing activities".
You really couldn't make it up!
dingg said:
isn't this something the SFO should be interested in rather than chasing the likes of PFC for alleged bribery corruption in the middle east ?
I agree completely. The SFO and the FCA (as the unregulated introducer will, by definition, be giving investment advice without being authorised to do so) should be going at these scams hard.The problem is that it usually difficult to prove they have broken any laws, but in this case it seems pretty clear cut that the parties have set out to fraud the public.
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