Telford investors pick Ludgate for property lawsuit

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 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.



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