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

Hourglass-Clock-Time-Race-Measure-700x450.jpgBlackmore Bonds, a “mini-bond” provider, which is advertised by the same company that marketed London Capital & Finance, is late paying interest to investors.

Interest coupons were due to be paid by the end of July.

The company blamed delays in the “banking system” for not processing coupons for a “number of clients”.

Blackmore investors have expressed concern about the delay in a comment section on the Bond Review website.

One commentator said: “Blackmore switchboard jammed with calls. Not good news one day after interest was supposed to have been paid.”

A Blackmore Bonds spokeswoman says: “We are working hard to resolve the issue and are confident it will be resolved imminently.”

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

The news follows the company delaying filing its accounts. Blackmore was due to file its 2018 annual accounts by 30 June this year.

However, on 27 June it shortened its accounting period by one day which adds an extra three months to its accounting deadline. The new deadline is set for 1 October 2019.

Last month, a Blackmore spokeswoman told to Money Marketing, that the firm is “on track to deliver in line with [its] business plan, with coupons to be paid as expected in July.”

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

This was mainly due to a total of £5m “distribution fees”, it paid to its “strategic partner” – online marketing company Surge Financial for “sourcing new investors” etc.

Surge, the marketing firm used by both LC&F and Blackmore received 25 per cent commission on the roughly £237m it raised from investors on behalf of LC&F.

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  1. MM any comment from the FCA on this ?

    Or

    Are they just watching from the bedroom window as the horses are all out of the stable ?

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