Interpath has taken over as receivers of one of the RP’s ‘investment pods’
A subsidiary of the troubled for-profit Heylo Group has entered receivership.
According to an update to Companies House published earlier this week, the group has appointed three individuals from Interpath Advisory as receivers over “all of the shares owned by the company in HH No. 2 Limited” (HH2).
HH2 is one of a number of “investment pods” which own the homes for which Blackrock-backed Heylo Group is responsible as a registered provider of social housing.
The appointments were made on 6 October, according to the document. HH2’s own Companies House listing shows that three individuals - Andrew Geczy, Wendy Colgrave and Giles Mackay - have been removed as directors in recent weeks.
The receivers have since appointed Karl Smith as a director and changed the company’s registered address to that of Interpath’s office in Manchester.
Earlier this month, Heylo Housing was handed the lowest possible governance and viability gradings by the Regulator of Social Housing.
Explaining its G4* and V4* grades, the RSH said Heylo had failed to protect the homes of its shared owners.
Heylo does not own these homes, which are controlled by unregistered ‘investment pods’, such as HH2.
The regulator said this left the RP dependent on its wider group to manage financial problems impacting its homes, adding that it had “failed to put things right despite its previous commitment” to do so.
Four corporate entities linked to HH1 and HH5, a pair of subsidiary investment pods, went into administration in March this year.
No comments yet