A dozen people in legal battle with pension fund
Investors into the failed conversion of an iconic building into 23 posh apartments stand to lose tens of thousands of pounds in a looming legal battle with a pension fund.
But the apartments were never completed and the developer - Wilma Developments Limited - has gone into compulsory liquidation.The owner of the building is the Jerrold Manufacturing Company Ltd Pension Fund, based in Cheadle. “We have received a number of objections from solicitors acting on behalf of some of the beneficiaries [the investors].”A Portugal-based investor - who does not wish to be named - says he paid out more than half the asking price, £70,000, in 2018 to reserve an apartment.
He said that the law company who negotiated the deal has told him that legal fees to represent him at the forthcoming tribunal could amount to £20,000.
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