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Mini bond investors demand answers over outstanding interest payments

Spring Statement PoundsInvestors holding money with Blackmore Bonds continue to express concerns that late interest payments have still not been made, despite contradictory communications from the mini bond provider.

Money Marketing previously reported that Blackmore Bonds, which closed to new business in April, uses the same marketing company that promoted investments on behalf of the now collapsed London Capital & Finance.

Interest coupons that were due to be paid at the end of July were initially blamed on banking system errors.

Money Marketing understands some investors have received their quarterly interest payments, while others are still waiting on sums of up to £600.

A Blackmore spokesman told Money Marketing that all investors had been paid as at last Wednesday.

Mini bond provider linked to collapsed LC&F late paying interest

The latest available accounts, which run up to December 2017, show that Blackmore reported an operating loss of £7.6m.

One investor who spoke to Money Marketing made an initial £20,000 investment for a period of five years in 2015.

The investor was promised returns of 6.5 per cent plus a 5 per cent bonus after the initial five years when the company traded as Blackmore Estates.

They say: “I believe I was missold this as a low risk, protected option. I was recommended this after receiving free financial advice online by a company I now believe to be connected to Blackmore.

Marketing firm behind London Capital & Finance connected to another mini-bond provider

“After the second year, communication stopped completely and after investigation I found estates no longer existed and they had moved to bonds. I was told my investment would remain valid as per initial agreement.

“However, whenever I called the office the staff said I should contact Blackmore Estates  – who no longer existed –  they had no knowledge of my investment and I had no way of tracking it. Investors are now left in the dark wandering what has happened to our investments and if we will ever receive our capital back, let alone interest on it.”

A second investor tells Money Marketing that they have been unable to get in touch with Blackmore Bonds chief executive, Patrick McCreesh.

They say: “I’m really worrying as I am retired and I am depending on this money as part of my pension. I sent two emails yesterday and heard nothing and also tried today with no response.”

At third investor on review website Trustpilot today confirms they are still waiting on interest for their Isa.

They say: “I sent an email yesterday and still no reply and I cannot get through on the phone. No doubt we will now all be worried about regular payments for October going through as well.”

Another investor has also signaled their intention to visit Blackmore Bonds’ London headquarters unless the provider’s executives update communications with investors.


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There are 3 comments at the moment, we would love to hear your opinion too.

  1. No surprises given the background of the two individuals behind Blackmore

  2. These poor people. Their money has probably gone.

    But they shouldn’t worry as the FSCS will determine that they received advice from people who are not regulated to give advice, and innocent advice practices and their clients will pick up the bill.

  3. Wilfrtid John Amies 17th August 2019 at 3:35 pm

    Still waiting for interest due on 31st July

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