The Telford Trust Action Group, a group of 900 investors which this
week launched a pounds 21 million lawsuit against fund manager Johnson
Fry and property company Richard Ellis, has handed its media relations
to Ludgate public affairs.
The investors’ group is claiming that Johnson Fry and Richard Ellis
issued a misleading prospectus to potential investors in two office
blocks in the Shropshire new town of Telford over six years ago.
They say that, on the grounds of this information, they invested pounds
30 million in the buildings, which are now worth around pounds 9
million. Two-thirds of the office space remains unlet.
The account will be led by Ludgate public affairs deputy head Richard
Elsen, who will report to the group’s chairman, Brian Woodward.
Elsen said: ’We were brought in to publicise the claims against Johnson
Fry and Richard Ellis.’ He added that the date for the court case had
not been set yet.