Two found guilty of making £3m worth of fraudulent mortgage applications

Tess Egginton
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Two found guilty of making £3m worth of fraudulent mortgage applications
Larry Barreto, based in the East Midlands, has been found guilty of 11 charges of fraud by false representation following a prosecution brought by the Financial Conduct Authority (FCA).
At an earlier hearing, Mr Barreto pleaded guilty to two offences of arranging and advising on regulated mortgages without FCA authorisation. At the beginning of the trial, Mr Barreto’s co-defendant, Tassib Hussain, a chartered accountant, pleaded guilty to fraud by false representation. The total value of the mortgages falsely applied for was around £3 million. Between 1 January 2015 and March 2018, Mr Barreto gave advice to clients looking to take out residential mortgages without the necessary FCA authorisation. In 11 cases, he also dishonestly inflated the mortgage applicant’s income in their application to the lender. Mr Barreto charged the client a fee which he would then pay in cash to Mr Hussain, who created false self-employment and employment documentation to support mortgage applications for clients with insufficient income. Mr Hussain also produced multiple documents purporting to have been issued by HMRC and containing false income figures, which in each case were sent on to the lender by Mr Barreto. With Mr Barreto’s knowledge, Mr Hussain also claimed to employ two of the applicants to create a false impression of their income, producing false contracts of employment and payslips in support, which Mr Barreto also forwarded to lenders. As a result of the fraud, lenders granted mortgages to several applicants on a false basis, placing lenders at greater risk of loss. Steve Smart, Joint Executive Director of Enforcement and Market Oversight, said: “Mr Barreto and Mr Hussain knowingly lied and misled their clients and mortgage providers in order to benefit financially from mortgage applications. This put borrowers at risk of taking on unsustainable levels of debt, and left lenders open to losses. “Today’s verdict demonstrates our commitment to tackling fraud and sends a warning to anyone involved in similar criminal activities that we will pursue them, so they face the full force of the law.” Mr Barreto had previously been struck off as a financial adviser by the Personal Investment Authority (in 1996) and prohibited from carrying on regulated activity by the Financial Services Authority (in 2004). Both individuals will be sentenced on 23 February 2024.

New student accommodation plans submitted for Nottingham

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New student accommodation plans submitted for Nottingham
Plans to develop new student accommodation on Pemberton Street in Nottingham have been submitted to the city council. The proposed site is currently used as a public car park and has been identified as a regeneration site within the Local Plan. The new scheme would offer 90 student rooms, comprising 19 studios and 71 cluster beds, in a three and five storey development facing Canal Street, reducing to four floors as it continues around onto Pemberton Street. A design statement for ‘Finley House’, submitted by ARC Design Studio on behalf of the applicant, reads: “The car parks low quality and lack of maintenance visually detracts from the street frontage. A new scheme which is of high quality will be attractive to prospective students, but also beneficial for the health and well-being of its occupants. “The location is perfectly positioned for student housing due to its close proximity to Nottingham Trent University and the new University of Nottingham campus on the former HMRC site. It will also help to revitalise the local area by drawing interest further down Canal Street, and into the City Centre.”

Prison planning appeal allowed

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Prison planning appeal allowed
The Department for Levelling Up, Housing and Communities has allowed a planning appeal for a new Category B prison in Leicestershire. Harborough District Council had refused the application for the 82,555m2 prison. Despite the planning inspector recommending that the appeal should be dismissed and planning permission refused, Secretary of State for Levelling Up, Housing & Communities, Michael Gove, has given the proposals the green light. A document from the Department of Levelling Up, Housing & Communities says: “Weighing in favour of the proposal are the need for the prison which carries significant weight, the economic benefits which carry significant weight, the qualitative benefits of the proposal which carry significant weight, and the claimed lack of alternative sites which carries very limited weight. “The benefit of 26% biodiversity net gain, the dual use of this land as upgraded and improved open space for local residents, and the benefit of charging points for cars collectively carry moderate weight. Weighing against the proposal are the harm to the character and appearance of the area which carries significant weight, the lack of sustainability and accessibility which carries significant weight, and the impact on air quality which carries minimal weight.” The 1,700-inmate prison, adjacent to the existing HMP Gartree, is expected to create over 750 direct jobs when operational as well as further jobs through the provision of related services.
A spokesperson for Harborough District Council said: “The council acknowledges the decision of the Secretary of State. It is disappointing that Harborough District Council’s locally-taken decision to refuse permission has been overturned by Government allowing the planning appeal. We shall read the decision letter carefully to understand reasons for allowing the appeal, and how impact from the development is to be mitigated locally.” Cllr Knowles, Leader of Harborough District Council, said: “This is deeply disappointing news. The planning committee refused this. The community have real and justified fears for the infrastructure’s ability to cope. Those who have held the position of Secretary of State throughout this consideration have declined my personal invitations to come here and see just how unsuitable this site is. “I still maintain my view that this is the wrong place to build this. The government are intent on pushing this through – they will need to provide huge investment into the community and the infrastructure to help offset some of the negative impact on our community. I will be pushing for an early meeting with Neil O’Brien MP to review this and look at options.”

Electrical retailer sees strong first half as revenue rises

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Electrical retailer sees strong first half as revenue rises
Marks Electrical Group, the online electrical retailer, has seen a strong first half trading period. According to unaudited results for the six months ended 30 September 2023, revenue jumped 24.8%, growing to £53.9m. Adjusted EBITDA of £2.3m, meanwhile, was down from £2.7m in the same period of last year, with the company’s decision to introduce its own installation service, combined with inflationary pressures in distribution costs, impacting H1 margins. This pressure is expected to ease over H2 as Marks Electrical Group benefit from improved operating leverage during the seasonal peak trading period. Moreover, the business posted a statutory profit after tax of £873,000, down from £1.7m last year. The Leicester-based firm noted a positive start to its second half, with continued double-digit revenue growth in October and a strong start to November leaving Marks Electrical Group well positioned for both the peak Christmas trading period and to achieve full year targets.

Mark Smithson, Chief Executive Officer, said: “We’ve made a strong start to the year with the Group’s sales up 24.8%, whilst also delivering multiple operational improvements to further enhance the customer experience.

“This relentless focus on operational excellence and customer service has enabled us to continue to gain share in a very competitive market, growing our share in the first half from 2.4% to 2.9% of the overall MDA market and from 4.5% to 5.4% in the online segment.

“Our strategic decision to add in-house installation services to our offering has strengthened the Group’s premium service proposition, alongside the creation of our own ME Academy training facility.

“These additions, whilst margin dilutive in the short term, will enable the Group to deliver long-term value creation and position us as the UK’s leading premium electrical retailer.

“Despite the first half margin pressure, which occurred within distribution costs, we continued to remain disciplined on marketing costs, maintained our focus on overhead cost control and are continuing to gain market share profitably, a key differentiator of our growth strategy.

“Our market-leading customer service and next day delivery, combined with in-house installation expertise through our vertically integrated operating model, provides a compelling and unique offering, that sets us apart from the competition.

“As momentum builds going into the peak trading period, with continued double-digit revenue growth in October and a strong start to November, our focus on operational excellence and customer service, combined with our strong net cash position, provides us with a robust platform to improve profitability in the second half and achieve our full year targets.”

Chesterfield office scheme fully occupied

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Chesterfield office scheme fully occupied
Less than 12 months after completion, all six floors of office space at One Waterside Place are now fully occupied, as new tenants move into the building. The flagship office development, owned by Chesterfield Borough Council, has welcomed Rosewood Wealth Management and another international company, both expanding their presence in Chesterfield. They join BHP Chartered Accounts and Varley which already occupy space in the building. Councillor Tricia Gilby, leader of Chesterfield Borough Council and cabinet member for economic growth, said: “We invested in One Waterside Place during the pandemic and it was a key element of our economic recovery. “To have now fully let the office spaces within the first year of opening shows how our economy is growing and demonstrates how we can compete with the cities around us to attract both investment and jobs.” Shannan Pool-Gorman, director and co-founder of Rosewood Wealth Management, said: “Rosewood is proud to be part of the development at Basin Square. We are passionate about supporting the local area and look forward to playing our part in the next development phase for our beautiful town.” The development of One Waterside Place was led by local property development and investment firm Bolsterstone Group PLC. Peter Swallow, Managing Director of Bolsterstone Group Plc, said: “One Waterside Place is a runaway success story having taken less than 12 months to fully let. “When planning the commercial element of Chesterfield Waterside at Basin Square, we knew that the proximity of the train station would be a major pull for businesses. It has certainly been the case. We are now looking to deliver the next stages of Basin Square and anticipate similar success.”

Focus becomes partner of NTU’s School of Architecture, Design and the Built Environment in support of sustainability in construction

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Focus becomes partner of NTU’s School of Architecture, Design and the Built Environment in support of sustainability in construction

Focus has become an official partner of Nottingham Trent University’s School of Architecture, Design and the Built Environment (ADBE), with its newly launched £1.5m Centre for Sustainable Construction and Retrofit.

As part of this arrangement, Jason Redfearn, managing partner at the Nottingham-headquartered consultancy, has been appointed as lead for Focus’ ongoing contribution to the centre which will include skills development, research, training, and consultancy support to the University in a mutual drive to help the UK construction sector to reach net zero carbon. It will also offer various related placement and employment opportunities for students.

The company has supported built environment programmes at the University for seven years and now the relationship has been cemented by this new partnership.

The Centre for Sustainable Construction and Retrofit will bring together a range of expertise from leading experts to help the construction sector reach the ambitious net zero climate change targets by 2050 and benefit students wishing to pursue a sustainability focussed career within construction.

“The Focus team is excited to be a partner of ADBE and the Centre for Sustainable Construction and Retrofit on a three-year framework,” said Jason Redfearn. “We are committed to a sustainable future for the built environment and this partnership will enable us to share our expertise with future generations.

“Focus has a long history of supporting the built environment teaching and learning at Nottingham Trent University, providing lecturing and other support, which has helped to develop skills in the sector. Now we have built on our long-standing relationship by official partnering as the University launches this exciting new project. I am very pleased to be actively involved and look forward to continuing to play a key role in the drive towards net zero in the construction sector.”

During the three-year term, Focus is committed to student engagement, lectures, internships, industry insights, promotion of the Centre for Sustainable Construction and Retrofit, as well as an award for students associated with excellence in sustainability in the built environment.

Founder partner at Focus, Kevin Osbon, who is an alumnus and a lecturer at the University, said: “Focus is an innovator – a company that is at the forefront of sustainability – and this partnership with Nottingham Trent University and the new Centre for Sustainable Construction and Retrofit allows us all to be a part of the sustainability revolution.

“We take great pride in sharing our sustainability expertise with future generations of construction professionals, and those who currently work in the sector – helping us all towards a net zero target.”

The Centre, part of the School of Architecture, Design and the Built Environment at NTU, will explore how the built environment sector transitions to a low carbon future, while addressing the retrofit skills gap via the creation of new courses and providing consultancy support for business.

It was launched at the university’s Newton Building, City Campus, during an event that was open to policy makers, business leaders, academics and students. Focus’ Jason Redfearn was among the speakers exploring the challenges and opportunities for the built environment sector to meet Net Zero 2050.

“Net-zero by 2050 presents a huge challenge to the construction sector, which accounts for up to 50 per cent of carbon emissions,” said Professor Richard Bull, an expert in energy, sustainability and the built environment and Deputy Dean of ADBE, who will lead the new centre.

“An absence of skills, knowledge and expertise threaten to derail plans for the UK’s important net zero targets, but this ground-breaking centre will enhance the way in which existing buildings and new construction can meet those all-important climate change objectives.

“NTU has a well-earned reputation for sustainability in the built environment and our research in housing retrofit in particular has a strong track record. We plan to develop new ways to support industry, to help them learn the new skills needed to retrofit existing properties en masse and create new buildings in a sustainable way.”

Air, road and sea freight solutions provider expands in Derby

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Air, road and sea freight solutions provider expands in Derby
AGI, a provider of air, road and sea freight solutions, has expanded its presence in Derby, moving to a significantly larger office in Nurton Developments’ Cardinal Square to accommodate its future growth. The new 3,776 sq ft office, three times the size of its previous one, positions the company for continued success into 2024 and beyond as it looks to scale up operations to better serve its clients and meet their evolving needs in the East Midlands. Dale Cross, director of AGI Derby, said: “It’s a great step up for us, but what’s even better is that it’s just down the corridor from where we were before. “Cardinal Square is ideally located for our needs and near to amenities and designed to consider the wellbeing of our team too, which will also help us recruit as we expand. “We have big plans for the East Midlands following rapid growth of the business and all the team are pleased to be staying at Cardinal and looking forward to welcoming new people and growing into the new space as we deliver our strategic growth plans.” David Dyas, asset manager for Nurton Developments, said: “We’re pleased to be retaining AGI in Derby city centre and helping them expand their presence in the region, signing them up for another 6-year lease. “Cardinal has always been an office to help nurture businesses and as a landlord we welcome conversations and are open to looking at how we can use the space to offer flexibility and opportunity for occupiers to realise their ambitions. “AGI is a classic example of a company looking for a base, taking a two-man office three years ago, then a five desk office 15 months ago expanding into 1,100 sq ft and now trebling their space requirements. “The next few years look set to be exciting for AGI and we look forward to watching and playing a supporting role in their continued success.”

Sustainability award for East Midlands business at trade body conference

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Sustainability award for East Midlands business at trade body conference
An East Midlands builders merchant has been recognised with an award by national trade body, the Builders Merchants Federation (BMF). John A Stephens Ltd, based in Nottingham, was handed the BMF Sustainability Award 2023 at the BMF Annual Members Conference and Awards. Philip Long, sales director at John A Stephens Ltd, said: “We at John A Stephens were thrilled to have won the Sustainability Award at the BMF Members Conference and Awards. It’s great to be recognised by the industry for our ongoing efforts in net zero and carbon reduction. “We’ve invested heavily in solar, installing panels across all of our available warehouse roof space at both branches and constructing a new substation at the main site. We replaced all 28 of our diesel forklift trucks, both counterbalance and side loaders with fully electric trucks. “We continue to look for ways to reduce our carbon footprint with the potential introduction of a Battery Storage Scheme. We would hope that we can help pave the way for other organisations to get on board and contribute to the improvement of their local environment.” Held at the Hilton Metropole Hotel in Birmingham, the BMF’s Annual Members Conference and Awards recognises the achievements of individuals and businesses within the builders’ merchants’ industry. The BMF Sustainability Award 2023 was sponsored by Kerridge Commercial Systems. John Newcomb, BMF CEO, said: “Congratulations to the team at John A Stephens Ltd on the commitment to sustainability and demonstration of leadership that is recognised with this award. “BMF membership encompasses the entire building materials distribution industry, and our Annual Conference and Awards are an opportunity to acknowledge the contributions of suppliers, service members and individuals across the sector.”

£12m secured to help progress The Island Quarter

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£12m secured to help progress The Island Quarter

Conygar has secured a new debt facility agreement to power forward Nottingham’s Island Quarter.

The loan with A.S.K. Partners Limited (ASK), for a maximum of £12 million, will be utilised to further progress certain plots at The Island Quarter site, in addition to the planning application for the company’s potential acquisition site in Bristol.

The term of the loan is for a minimum of two years. The interest rate is calculated by reference to the Bank of England base rate plus a margin of 5.9% and is secured on part of The Island Quarter site in Nottingham.

Robert Ware, Chief Executive of the company, said: “We are delighted to have secured the facility with ASK which now enables the further progression of both our substantial mixed-use projects at Nottingham and Bristol.”

Pioneering hydrogen programme which could protect and create 360,000 jobs a step closer to reality

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Pioneering hydrogen programme which could protect and create 360,000 jobs a step closer to reality
A major hydrogen programme that could save the UK 12 million tonnes of CO2 emissions per year is a step closer to reality after a property consultancy supported the launch of a detailed delivery plan for the project. Fisher German is providing land services and developing the consenting strategy for Cadent as part of the East Coast Hydrogen project (ECH2), which will connect hydrogen plants to end users and other strategic networks in the Midlands and the North East, and decarbonise much of the existing natural gas network. It has worked as part of a multi-disciplinary team for Cadent including Worley, J.Murphy & Sons, SLR and Camargue to contribute to the project’s Delivery Plan, which was officially presented to government in November at a launch event. The project, which is jointly led by Cadent, Northern Gas Networks and National Gas, aims to connect up to 4 TWh of hydrogen storage by 2030, save up to 12 million tonnes of CO2 emissions per year by 2037, and help decarbonise industries such as power generation, aviation, and commercial business. It is also estimated to retain and create around 360,000 jobs in Teesside, the Humber and the East Midlands. Mark Gilkes, partner at Fisher German and its DCO (Development Consent Order) land strategy lead, said: “The launch of the Delivery Plan for East Coast Hydrogen is a significant step in making this ambitious project a reality. “It provides more clarity for decision-makers in the public and private sector as to what the project might look like and how it can be realised. “Our role is to progress the consenting strategy for Cadent through consultation with landowners and secure a DCO if needed. “We are delighted we are continuing to play a major role in helping decarbonise the country’s gas network through our involvement in this pioneering plan.” Sally Brewis, head of regional development at Cadent, said: “Our industrial and power generation customers in The Humber, South Yorkshire and the East Midlands are telling us they need hydrogen in huge quantities to decarbonise their operations – often hydrogen is their only viable option. “They need a resilient pipeline network that connects them to storage and production sites and our Delivery Plan shows how that will happen. The carbon savings potential is enormous, and we’ll help to ensure that our treasured manufacturing industries can stay viable in a Net Zero world, maintaining employment in the regions. “It is vital that projects such as this are supported and accelerated, enabling the customers who need hydrogen to make their own investment decisions for the energy transition. Cadent is proud to be a part of driving the future infrastructure that can help enable the achievement of these ambitions.”
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