<
p>Goldentree Financial Services has successfully brought long-running legal action against two of its former employees to a close, after their actions contributed to losses of over £20 million at the development lender.
Gary Whitehead, former Managing Director at the firm, and Steve Collis, who served as a Business Development Manager, left Goldentree in 2009.
The development lender commenced legal action against the pair in 2010 after it was alleged that the two men’s actions lead to Goldentree recording significant losses in 2010 and 2011 which totalled £20 million.
After the case went to trial in November 2011, a judgement in favour of Goldentree was passed on in July 2012.
The firm then pursued a “significant” Interim Order for damages in November 2012 before Bankruptcy orders were made against Whitehead and Collins for recently.
Since the departure of Whitehead and Collis, however, Goldentree has been under new management and has since turned to profit.
The Warrington-based lender is owned by the Done family, who also earn betting giants Betfred.
A statement from Goldentree read: “Goldentree Financial Services is pleased to confirm that the long-running legal action against two of its former employees has been ground to close.”
It went on to say: “GFS will assist the Trustee in Bankruptcy in investigating relevant issues relating to Whitehead and Collis.”
Bridging & Commercial will continue to bring you the latest developments with this investigation…
Goldentree Financial Services has successfully brought long-running legal action against two of its former employees to a close, after their actions contributed to losses of over £20 million.
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