Two debt management based in Glasgow firms have been wound up by Edinburgh’s Court of Sessions following an investigation by the Insolvency Service.
Cost Reduction Services Ltd and Cost Reduction Services (UK & NI) were wound up by Edinburgh’s Court of Session after an investigation revealed they had misled franchisees.
Cost Reduction Services Ltd was incorporated on 16 April 2010, while Cost Reduction Services (UK & NI) was incorporated on 26 April 2011. Both companies registered their offices at Henderson Loggie, 90 Mitchell Street, Glasgow, Scotland.
According to the investigation, Cost Reduction Services (2010) Ltd ran two types of businesses:
- A debt and expenditure review for businesses and individuals, which claimed to save clients between £500 and £1,500 per month and for which they were charged £3,585
And
- The “Easyearn Franchise” where clients bought debt and expenditure review franchises for £15,000 per territory with the promise of a return of £46,000 a year, generated by the fees from the reviews, without requiring any effort on their part.
However, investigators discovered that franchisees were misled by the company’s website and other information placed on the Internet, which included false testimonials and unrealistic earnings forecasts of up to £100,000 per year.
Investigators also found that only 13 clients signed up for the review service between July 2010 and January 2011, generating revenue of just £38,780 and that only five of 20 franchisees earned anything at all from their investment, with none of the money back guarantees having been honoured.
In contrast, the company generated £357,500 in franchisee fees, of which at least £71,000 was expended for the personal benefit of its sole director, who received a further £34,000 in salary, expenses and commission, including £14,000 paid one week before he caused the company to cease trading.
A further £158,000 took the form of unexplained cash withdrawals and unreceipted debit card expenditure.
Cost Reduction Services (UK & NI) Ltd was incorporated with the intention of carrying on the same business and used the same misleading client testimonials on its website.
However, Investigators found that it had only been involved in limited activity.
Scott Crighton, company investigations supervisor, said: “This should send a clear and simple message that The Insolvency Service will take action against unscrupulous companies and ensure that those who run companies in this way do not get away with these sorts of practices”.
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