Gary Neville linked to £47 million Malta Timeshare mis-sell: Island Hotels Group & Azure Services
In 2009, Manchester United players Gary Neville and Ryan Giggs each invested €1.1 million in Island Hotels Group Holdings and Gary Neville became a non-executive director.
Island Hotels Group owned 50% of Golden Sands, a Radisson Blu franchise, and 50% of Azure Services Limited that marketed timeshare loans to holidaymakers.
Between April 2014 and April 2016, £47 million over 1,444 loans had been sold to clients by Barclays Partner Finance, but introduced by Azure Services Limited, who was not authorised to do so.
Some loan buyers were cold called and sold cheap resort holidays, such as Charles Rebbeck who was offered a week long holiday at the Golden Sands resort for £150, as long as they agreed to sit through an timeshare investment presentation, according to The Mail Online. They were also told that the properties being invested in were owned by the Manchester United players, Gary Neville and Ryan Giggs.
A hearing at the Upper Tribunal of the Tax and Chancery Chamber was informed by clients that they been mis-sold with complaints including being pressured to sign agreements, lack of affordability checks before the loan was agreed and that clients not fully understanding the loan agreements.
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