Bentley Global ( UK ) Limited (09718466): administration
- Status
- Administration ended
- Administration began
- 2022-05-17
- Administrators
- Paul Stanley, Dean Watson
- Administrators' firm
- Begbies Traynor
- Formerly
- Helandal Limited
- Incorporated
- 2015-08-05
- Location
- Manchester
- Industry
- 63990 Other information service activities n.e.c.
Why it went into administration
- COVID-19
- Rising interest rates
From the administrators' statement
The Company was incorporated in August 2015 under the name of Helandal Limited. From information filed with Companies House, the Company appears to have commenced trading between 1 September 2016 and 31 August 2017.
In late 2017/ early 2018 the Company offered the Bentley Global Bond (‘the Bond”) to investors. The Bond was a three year investment with an annual interest rate of 12%, 16% or 20% depending on the amount invested. The interest ‘coupon’ was to be paid monthly in arrears and the initial investment repaid at the end of the three year term.
The Information Memorandum issued in relation to the Bond outlined how using their specialist knowledge and experience, together with ‘Algol88’, an algorithm developed by the Company, the ‘trading team’ would use the funds raised from investors to place trades on the outcome of soccer matches around the world. Investments in the Bond were not covered by the Financial Services Compensation Scheme (FSCS).
Administrators' statement of proposals (2022-07-19) · Companies House register