Prosperity is a large property developer with at least a dozen developments in the Midlands and North of England. A large group of investors is now involved in an action to recover their money.
In 2018 Safe Or Scam started an investigation into Prosperity, its partners and associates. We were initially interested in the Prosperity developments at Bentley Court, Parkwood Rise, Tameway Plaza, The Parade and Prosperity House.
As a result of our investigation more than 70 investors are taking part in an action against Allchurch Solicitors, the law firm which was engaged to represent investors in the purchase of the properties. Allchurch was “the preferred law firm” recommended by Prosperity. It is our experience that when a law firm is recommended by the other side this often means that they are not as stringent and impartial as they should be. The claim put forward by investors is that Allchurch Solicitors, the owner of which has a long historical association with the owner of Prosperity developments, was negligent and did not act in the best interests of its client investors.
Prosperity continues to promote its latest developments in Birmingham and Halifax. We understand that it has been making discounted offers to investors in an effort to bring more cash into the company.
Prosperity has not responded to complaints made by property investors which include allegations that the company misled them in the sales process by making false and misleading statements in the brochures and in the sales literature. Investors’ dissatisfaction with the whole package include the fact that there were inflated valuations; shoddy workmanship; poor quality fittings; lower rental incomes than were described in the promotional material; guaranteed rentals that never materialised and a lack of response from Prosperity to valid customer complaints.
The solicitor representing investors is now in discussions with the Allchurch Solicitors insurance company and solicitors representing the insurance company. We expect other parties to be dragged into the claim because we believe there are third parties who were culpable and have some liability towards investors in this Prosperity action.
Investor expectation is that they will receive full refunds from this investment and will be able to rid themselves of the over-priced, low quality, mis-represented properties which have become a millstone around their necks and are continuing to result in ongoing losses. We will report on the outcome when the cases is finally resolved.
Please click HERE to view our earlier Blog Post on Prosperity Developments.