Sarah Ferguson’s ‘new low’ as company crash sparks loan recall

Sarah Ferguson heartbreak as she explains how mother made her feel ‘worthless’

Sarah Ferguson could be facing a “new low” in her business career following a loan recall sparked by the collapse of a company in which the Duchess had invested. Fergie was director of theatre investment company Gate Ventures shortly before it went into administration in 2020 after losing a reported £19 million. Now Liquidators are filing a Progress Report in an attempt to claw back money.

The liquidators have recorded that a ‘settlement offer’ for an outstanding loan, stated to be for £233,000, has been rejected, the Daily Mail reports.

The loan was made to Ginger & Moss, a company Fergie co-founded and remained director of.

A source close to the company said: “We have made repeated efforts to resolve this situation,’ he tells me, adding that he expects it to be ‘resolved in the coming weeks”.

Meanwhile, liquidators say that “further discussions” about the loan are “due”.

Gate Ventures was put into administration following a bitter high court battle in which Judge Sebastian Prentis heard that previous chairman Dr Johnny Hon invoiced the company for the “extraordinary sum” of £4.7 million.

The sum included £2.9 million for meetings with celebrities including Manchester United’s Paul Pogba, designer Tommy Hilfiger and Prince Albert of Monaco.

The company had backed shows including 42nd Street and Sunset Boulevard before its collages.

During the court case investor and shareholder Zheng Youngxiong who claimed directors had breached their duties to the company “through negligence and/or by failing to act in good faith” and “sought to exploit the company for their own personal interests.”

The news could come as a blow to Fergie, who recently announced the launch of a new podcast Tea Talks with the Duchess and Sarah.

The weekly podcast will feature “candid conversations” between the Duchess of York and entrepreneur Sarah Thomson.

Speaking about her new adventure, the Duchess said: “There is nothing I find better for the soul than a cup of tea and a good chat, so I am delighted to be launching an exciting new podcast focusing on both of those things.

“With my great friend, the talented entrepreneur Sarah Jane Thomson, I am going to be exploring the issues of the day that affect us all.

“I hope Tea Talks will also allow us to share some of our personal experiences and stories along the way. It’s going to be a fascinating journey and I hope you will join us.”


Source: Read Full Article