Premier Childrens Services | Administration
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Premier Childrens Services Updates & Information
Last Updated: April 2018
Premier Childrens Services remains in Administration, but we now know more about what may have happened with the investments. The Administrators (Stephen Clancy & Steven Muncaster) are tasked with providing regulated updates to investors as to their findings and proposals on how to ensure creditors are paid.
You can read more about the finding in our Premier Childrens Services timeline below...
Premier Childrens Services Timeline
Formation and Investment StatsFormed on the 17th May 2012, Premier Childrens Services was set up as a holding company to fund several child care facilities...
Premier Children Services described itself as an exciting new social care service with desires to become an innovate market leader in the world of children's social care, and sought investments through what is known as a "Loan Note" for either 3 or 5 years, in return for some healthy looking returns:
Example 1. £0-99,000 Investment: 3 years = 8% Interest 5 years = 9% Interest
Example 2. £100,000 + Investment: 3 years = 9% Interest 5 years = 10% Interest
Administration & fall outConsidering it is now clear some investors were not suitable for such a high-risk investment, PCS going into administration sounded like bad news...
While around 220 SIPP investors had their money wrapped up in Premier Childrens Services, it went into administration.
At the time, at least one SIPP provider wrote a letter to Premier Children Services clients, which stated:
"Please be aware that, given the circumstances, no further payments are now expected from PCS.
Therefore, if you were anticipating any sort of capital or interest payment into your SIPP which has not been received by 15 November 2016, it is unlikely that this will be paid."
Minutes from a board meeting detailed the ""financial difficulties of the company" and that "the company is or is likely to become unable to pay its debts".
*Figure calculated before deduction of fees charged at 24% inclusive of VAT. Correct as of 05.06.18