A financial scandal is unfolding as Fortress Capital Partners, a UK-based lender, has reportedly collapsed, leaving hundreds of investors facing potential losses of £18 million. Among those affected are high-profile names such as Manchester United footballer Scott McTominay, Boyzone’s Shane Lynch, and TOWIE star Mario Falcone, alongside members of a South London church.
Fortress Capital Partners operated by borrowing funds from investors and then lending this capital at higher interest rates. Borrowers reportedly included Terry Byrne, agent to England football manager Gareth Southgate. However, the lender entered administration in September, triggering concerns for around 230 investors who now risk significant financial repercussions. Shane Lynch is reportedly owed nearly £730,000, while Mario Falcone is said to be facing a six-figure loss.
Shane and Sheena Lynch at This Morning in 2021. Shane Lynch is among the investors affected by the Fortress Capital Partners collapse.
The company was directed by Ashley Reading, 54, whose daughter Cameron Reading, 23, is in a relationship with Scott McTominay. Intriguingly, McTominay himself is reportedly owed £1 million by Fortress Capital Partners, according to insolvency practitioners cited by The Times. Furthermore, a company linked to Terry Byrne, 57, is alleged to owe approximately £12.5 million to Fortress.
Scott McTominay and Cameron Reading. Cameron Reading, daughter of Ashley Reading, was head of investor relations at Fortress Capital Partners, which is now under administration.
Adding another layer to the complexity, reports indicate that investors in Fortress Capital Partners included members of the Tab Church in Lewisham, where Ashley Reading was baptized, as well as Kevin Maxwell, son of the late media magnate Robert Maxwell.
Administrators from Begbies Traynor are currently conducting an investigation into the collapse of Fortress Capital Partners. Their focus is on a potential discrepancy between the funds lent out by Fortress and the amounts owed to investors. Early estimations suggest that investors might only recover around 10 pence for every pound invested. Despite this grim outlook, Ashley Reading has reportedly expressed confidence in his ability to repay all investors.
Raglan Country Estate, a Welsh golf course and resort where Ashley Reading holds a shareholder stake, is also among Fortress Capital Partners’ borrowers and has ceased operations following the lender’s collapse. Cameron Reading previously held the position of head of investor relations at Fortress and was described as crucial to the “Fortress Capital team.”
Mario Falcone at an awards ceremony in 2018. Mario Falcone, known from The Only Way Is Essex, is reportedly owed a six-figure sum by Fortress Capital Partners.
It has emerged that Fortress Capital Partners was not authorized by the Financial Conduct Authority (FCA), and investors were informed in the “small print” that they would not be protected by the Financial Services Compensation Scheme (FSCS). Begbies Traynor administrators are reportedly seeking legal counsel to determine if Fortress should have been regulated by the FCA.
Terry Byrne stated to Mail Sport that efforts are underway to ensure repayments to the affected parties. Meanwhile, concerns have been raised regarding the independence of the creditors’ committee, particularly concerning Sharon Grant, a solicitor, church trustee, and committee member who co-hosted an investor event with Ashley Reading in 2022.
A representative for Mario Falcone confirmed they are exploring legal options against Mr. Reading, expressing dismay at the reported £1 million in fees Begbies Traynor is set to recover before any investor distributions are made. A spokesperson for Scott McTominay clarified that his loan was for a separate property purchase and he had no awareness of Fortress Capital Partners’ wider activities or financial difficulties.
The situation surrounding Fortress Capital Partners remains under investigation, leaving numerous investors in a state of uncertainty and facing potential financial losses.
