Goldentree legal battle brought to a close

By Bridging Loan Directory 25th June 2013

Goldentree Financial Services PLC (GFS) are pleased to confirm that the long running legal action against two of its former employees has been brought to a close.

Gary Whitehead (former Managing Director) and Steve Collis (former Business Development Manager) left GFS in 2009.

GFS commenced a legal action against both Whitehead and Collis in 2010 which saw the case go to trial in November 2011 and a judgement in favour of GFS was handed down in July 2012. A significant Interim Order for damages was made in November 2012 and Bankruptcy Orders were made against Whitehead and Collis recently. GFS will assist the Trustee in Bankruptcy in investigating relevant issues relating to Whitehead and Collis.

GFS made significant losses in 2010 and 2011 totalling over £20M but has returned to significant profitability under new management in 2013.