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ON FRIDAY afternoon (30th April), narrowboatworld learned that the boat share company OwnerShips is to be wound up, after it was discovered that Allen Mathews had systematically taken money from hundreds of owners.
Anthony Trueman, acting as Executor related:
 "I have uncovered that Allen Matthews has systematically taken money from hundreds of owners on the pretence of the money being held on deposit, in the region of £1.8 million pounds.
"He has also taken money from individuals who believed in him, and he has used the sinking fund to regularly cover his trail. At this point in time there are insufficient funds for the company to meet its liabilities. The one asset, the company head office, is currently on the market but charged to Barclays Bank."
There was hope of a rescue plan, with our Allan Richards reporting:
"OwnerShips directors wanted to put a rescue plan to owner/investors on the 8th May. However, this has been made impossible by decreasing owner confidence and allegations of misuse of investors funds."
Far from easy
Allen Matthews died in April, leaving the business to Joan Lindeman, and it was reported in narrowboatworld that Anthony Trueman had been appointed executor and finance director of Ownerships Ltd, but told its members that 'the task of unravelling the audit trail of Ownerships Ltd has been far from easy'.
Wind up the company
The state of affairs of the company at present, Anthony Trueman states, have led him to one conclusion:
"I am going to instruct a solicitor to obtain a petition to wind up the company. I have arranged to meet the solicitor on Monday the 3rd of May at 11.00 am. This process will take at least a couple of weeks during which time we will have had our meeting and I may be able to come up with a plan that may salvage something from the wreckage."
"The risk I am taking is that I could be wasting my time and resources trying to help. I can assure you there is nothing in this for me other than the challenge and satisfaction of helping all those involved in Ownerships and the many owners who have said they want the concept of Ownerships to continue."
Will dismay many
He adds that this information will dismay many concerned with OwnerShips, but believes it will allow him the opportunity of telling them the complete story, and he will have completed his task of giving the owners and staff of Ownerships a fighting chance.
The meeting on the 8th May had originally been called for those owners who invested in any of Allen Matthews' schemes as listed below:
- Free Management Scheme
- Fradley Marina Boat Yard
- Marina Investment Scheme
- Buy Back Scheme
Having taken the decision to petition to wind the company up, he stresses that this is not a creditors' meeting, but it is an opportunity for discussion, questioning and hopefully a way forward.
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