We are writing to let you know that the sales process for the last property in the London fund has now been completed and update you on next steps.

Final London property sold

Last week, we completed the sale of the final London fund property. The total sales value of the nine properties in the fund is c. £3.8m. This is great news as it allows us to begin the process of returning cash to shareholders of the London fund.

The fund’s Directors are taking the necessary steps ahead of formally appointing a liquidator, such as filing tax returns with HMRC. We already have a liquidator on standby to begin work as soon as this process is complete, which we estimate will be in 2-3 weeks’ time.

As mentioned in our previous update, once the fund is in liquidation, we understand that timelines from HMRC are likely to be a key determinant of this process - it can take a number of months, but we hope that it will be faster than this. We are looking at all ways to shorten this timeline, such as potentially making an interim distribution to investors, which we hope will be made ~2 months after liquidators have been appointed.

In the meantime, we are continuing to complete preparatory work for the distribution payments such as contacting investors to verify bank details where necessary. Additionally, we will get in touch with ISA customers to understand how they want their payments to be made.