Director ban for Signature Group property founder

A controversial businessman behind the collapsed Signature Group of property companies has been given a director ban for the next five years.

Lawrence Kenwright was the founder of almost 100 companies, which owned a number of hotels, including the football theme Shankly and Dixie Dean.

He was also director of Signature Works Gold Limited, which sold desk space to investors in three Liverpool city centre properties.

He was banned as a company director after investors lost more than £4.8million through a linked company that distributed false and misleading marketing material.

The 60-year-old allowed Signature Works Gold Limited to distribute promotional material containing false and misleading information, causing significant losses for investors.

The Insolvency Service found that Kenwright had “failed to ensure adequate stewardship and corporate governance” of the company he directed.

Kenwright, now of Sankey Road, Maghull, signed a disqualification undertaking just days before he was due to appear for trial following investigations by the Insolvency Service.

Investors suffered losses of more than £4.8million as a result of false and misleading marketing material.”

Kevin Read, Chief Investigator at The Insolvency Service, said: “Lawrence Kenwright’s failures as a company director had serious consequences for investors, who suffered losses of more than £4.8million as a result of false and misleading marketing material.

“While Kenwright is not accused of direct fraud , his conduct nevertheless falls well below the standards we expect of company directors.

“Directors have a responsibility to ensure investment information issued in their company’s name is accurate and can be relied upon.

“ The Insolvency Service will continue to take action against directors who fail in those responsibilities, helping to maintain confidence in the UK’s business environment.”

The marketing material stated or implied that investors would gain a legal interest, registered at Land Registry, in the three properties they acquired desk space in.

However, investigators found that in reality Signature Works Gold Limited did not own any registered freehold or leasehold interest in any of the three properties.

When Signature Works Gold Limited was wound up, it had assets of less than £100,000 and liabilities of £4,848,654, reflecting the scale of the losses suffered by investors.

His ban started on Tuesday 18 August, and it prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.