Blackmore Bonds delays dividend payment to thousands of investors again

A bond firm which used the same marketing group as collapsed London Capital & Finance today warned investors of a second delay to dividend payments.

Blackmore Bonds, which was late paying last quarter’s instalment, was due to pay its 2500 investors on October 31 but wrote to them today warning this would now be delayed to November 29.

The company was set up by businessmen Philip Nunn and Patrick McCreesh to invest in property development by selling bonds to the public promising up to 8.5% interest.

It blamed a delay in the sales of a block of around half a dozen flats with varying completion dates.

News of the latest dividend delay comes as a fresh worry to investors, many of whom are elderly.

Blackmore bonds were marketed by LCF middleman Surge Financial.

Its auditor Grant Thornton resigned in the wake of the LCF scandal and it has delayed filing its financial accounts by changing its accounting period. It now has to file them by the end of the year.

It ceased taking on new investors earlier this year but opened a new office in Dubai.

A spokesman for Blackmore said: "The slowdown in the property market has delayed the sale of some sites. This includes a multi-unit development which was due to complete in full in October, but has now been deferred until a guaranteed date in November. Further sites will not be finalised until the end of 2019."

He declined to name the delayed block of flats.

Blackmore co-founder Nunn last year set up a cryptocurrency investment firm called Wealth Chain Capital.