This is an excellent new deal for us and an exciting new relationship. The location is outstanding; we are confident in the developer’s plans and believe the units will be very popular with buyers in the local market.
The aftermath of the EU Referendum sent UK Real Estate markets on an extended holiday this summer; however as we approach the end of year, a sense of normality seems to be returning, supported by the UK’s long term & structural shortage of supply issues and with developers set to benefit from further economic stimulus, an increasingly relaxed planning regime and our government’s target for one million new homes by 2020.
Although the full impact remains to be seen, in the short term, there are obvious opportunities in the market and Ingenious Real Estate is here and happy to help investors and developers. Our new Bridging Finance product is designed to help our clients move quickly to secure a site, similarly through our stretch senior product a developer can unlock a scheme that institutional lenders may not be prepared look at. I’m excited to add that the scope of our development finance product has recently been increased to include commercial property too.
Since the return from the summer lull, we are seeing a steady flow of enquiries from new and existing borrowers who recognise that we will all just have to get used to living in uncertain times and the world has not ended. In response we continue to seek out and be strongly supportive of opportunities where we can see track record and liquidity in markets. Our recent £7.5m loan to a scheme in Gerrard’s Cross is an excellent example of the type of transaction we are very keen to support.
Ingenious Real Estate is very much open for business, we have recently expanded both the team and our product range and will continue to do so. Despite uncertainty the next few months will see us winning mandates from new and existing clients drawing on our experience, contacts and expanded product range. If you have any opportunities you would like to discuss with us or would like to know more about any aspect of what we do feel free to get in touch. We can normally provide an indicative response in 48 hours.
Ingenious is pleased to announce that Impresario Festivals plc (‘Impresario’) has completed the sale of its portfolio of festivals South West Four, Field Day, Boardmasters and Rewind Festival for an undisclosed sum to Global, an established company in the live entertainment and touring sectors, as well as the radio sector, owning UK radio stations such as Heart, Capital, Classic FM and Smooth.
This transaction demonstrates the success of Impresario’s strategy to buy and grow a number of festival brands within the UK live events market. Since its launch in 2012, average attendees per day at Impresario’s UK festivals have grown over 20% to over 25,230 and the portfolio of festivals sold attracted a combined audience of 350,000 in 2016 alone. Featured artists include The Chemical Brothers, Dizzee Rascal, Rick Astley and Tony Hadley along with many other well-known names.
Five productions backed by Ingenious’ Ingenious Broadcasting service have been nominated in the 2016 British Academy Children’s Awards.
Clangers, an animated series following a family of aliens who live on a planet not far from earth, received two nominations; Best Pre-School Animation and Best Writer. The show is narrated by Michael Palin and airs on CBeebies. Ingenious’ Sarah & Duck is also nominated for Best Pre-School Animation.
High School entertainment show, So Awkward, received a nomination for Best Comedy Programme and both Topsy & Tim and Teletubbies have been nominated in the Best Pre-School Live Action category.
The ceremony will be held at the Roundhouse, London, on Sunday 20 November. See the full list of Nominees here.
The Supreme Court has today unanimously ruled that HMRC unlawfully disclosed confidential information in an “off the record” background briefing of the press.
Commenting on the judgement given by the Supreme Court, an Ingenious spokesperson said:
“We are delighted that the Supreme Court has unanimously found in our favour. This was never about restricting HMRC’s ability to collect taxes, nor was it about preventing the press from investigating public interest stories. Consistent with HMRC’s own guidelines, this was simply about upholding the basic legal principle that HMRC owe a duty of confidentiality to each and every tax payer and their affairs should not form the subject of “off the record” background briefings to the media.”
Background
The case involved an “off the record” background briefing of the press in June 2012 by the then Permanent Secretary of HMRC, Mr Hartnett, at which Mr Hartnett supplied confidential information to two journalists. The information disclosed was only tangentially related to the case before the First Tier Tax Tribunal and the film production partnerships which Ingenious operated. This briefing took place during the ordinary course of an enquiry into their film production partnerships and despite the fact that they had been entirely transparent with HMRC about the structure and operation of the film production partnerships and had engaged and cooperated with HMRC for many years in relation to the partnerships. The briefing took place before Ingenious had decided to commence legal proceedings at the First Tier Tax Tribunal.
HMRC sought to justify Mr Hartnett’s briefing on the basis that there was a general desire on the part of HMRC to foster good relations with the media and to publicise HMRC’s views regarding what they considered to be elaborate tax avoidance schemes.
However, the five judges of the Supreme Court unanimously decided that the arguments put forward by HMRC could not possibly justify a senior official, or any other official of HMRC, discussing the affairs of individual tax payers with journalists. Neither did the judges accept HMRC’s defence that because Mr Hartnett did not expect his comments to be reported that he was justified in making them. The judgement went on to say that the whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern.
This landmark ruling is of wide spread public interest as it upholds the basic common law principle of confidentiality and in particular the duty of confidentiality which is owed by HMRC to individual tax payers.
For us, this case was not about preventing HMRC from undertaking their role as effectively as possible which is of course vitally important. Nor was it about seeking to restrict important public interest stories which investigative journalists can do brilliantly well. It was much simpler than that. In providing an “off the record” background briefing to the press, HMRC abused their power by ignoring both their own guidelines and their common law obligation to each and every tax payer to keep their personal financial affairs confidential.
Ingenious Real Estate is delighted to announce the closing of a £7.5m residential development facility to assist an experienced developer with the construction of 18 flats on a brown field site in Gerrards Cross, South Bucks.
Gerrards Cross is a small and affluent town, popular with professionals and families within easy reach of London Marylebone.
We have recently expanded our product range and are seeking new opportunities to deploy capital, with an in principal answer in 48 hrs, please give us a call on 020 7319 4253
Today marks the opening of the 2016 BFI London Film Festival, featuring six Ingenious-backed films including Amma Asante’s A United Kingdom, which will open the festival.
A United Kingdom, starring David Oyelowo (Selma) and Rosamund Pike (Gone Girl), will make history today as the first film with a black female director to open the London Film Festival. A United Kingdom received its global premiere at last month’s Toronto Film Festival and was heralded as ‘unmissable’ and ‘triumphant’.
The festival will also feature Autopsy of a Jane Doe starring Emile Hirsch and Brian Cox; City of Tiny Lights starring Riz Ahmed and Billie Piper; the critically acclaimed Dog Eat Dog starring Nicolas Cage and Willem Defoe; The Secret Scriptures starring Rooney Mara and Vanessa Redgrave; and Their Finest, starring Gemma Arterton and Bill Nighy.
The films, all due for release within the next six months, showcase some of the finest British and American talent and were backed by Ingenious’ Shelley Media, Pathé, Pathé Plus and Senior Film funds.
Having received its world premiere at Fantastic Fest, USA, on Sunday 25 September, Ingenious film Miss Peregrine’s Home for Peculiar Children has been praised as ‘breathtaking’ and ‘genius’ by The Times.
Based on Ransom Riggs’ bestseller and directed by Tim Burton, the film follows a lonely teen called Jake (Asa Butterfield) who, while grieving for his grandfather, stumbles into the magical world of Miss Peregrine (Eva Green). The mysterious half-bird, half-human runs a boarding school for supernatural children, or ‘peculiars’, on a remote island off the Welsh coast. As the peculiars take on the ‘forces of evil’, led by characters Barronand Ornothologist(played by Samuel L. Jackson and Rupert Everett) culminating in an epic battle in Blackpool, a beautiful romance blossoms between Jake and Emma (Ella Purnell), a peculiar who can manipulate air and will float away unless strapped into iron-clad platform sandals.
The film also stars Judi Dench, Chris O’Dowd and Terrence Stamp, and was released globally on 30 September 2016.
This week’s world premiere of Amma Asante’s A United Kingdom at the Toronto International Film Festival was met with critical acclaim from leading journalists, heralding the film as ‘unmissable’ and ‘triumphant’.
The Ingenious backed historical epic, starring David Oyelowo (Selma) and Rosamund Pike (Gone Girl), depicts the controversial marriage of Prince Seretse Khama of Botswana and British office worker Ruth Williams in the face of fierce international opposition. Having received a five star review from The Times, and four stars from The Guardian, the film will open the BFI London Film Festival on 5 October this year, the second consecutive year that an Ingenious backed film has opened the festival.
A United Kingdom is produced by Rick McCallum (Star Wars), David Oyelowo, Justin Moore-Lewy, Brunson Green (The Help) and Charlie Mason. Executive producers include Cameron McCracken (Pathé), Christine Langan (BBC Films), Ben Roberts (BFI), Eleanor Clark Windo (Ingenious Media) and Guy Hibbert.
Ingenious Real Estate is pleased to announce that we can now offer both Commercial Development Loans and Bridging Finance, in addition to our highly popular and successful Residential Development product.
Our updated product range can be found here and we are actively seeking opportunities across all of these asset classes. We would be delighted to discuss your deal on 0207 319 4253.
We are pleased to announce the recruitment of Howard Sefton as an Investment Director at Ingenious Real Estate. Howard brings a wealth of experience and expertise to the team and will support our ambitions to materially expand our loan book and market share.
Howard joins from Deutsche Bank, where he was working in the European Real Estate Credit Team. Prior to that Howard worked with RBS for 9 years as a specialist within various Real Estate finance roles.
Tom Brown, Head of Real Estate Finance said “We are delighted that Howard is joining at a time where we are increasing our product range, volumes and support to the market. His experience across all sectors will be of great benefit to our customers and professional partners”
Howard said “I am delighted to join Ingenious, who are an independent and creative Lender, who can find solutions for customers at a time where Real Estate Finance products are in high demand across the market”
Our new and updated product range can be found here and we are actively seeking opportunities across all of these asset classes. We would be delighted to discuss your deal on 020 7319 4253.
