A company that manages a portfolio of more than 2,000 flats and apartments across BCP and the south has ceased trading, the Echo can reveal.
Police are investigating a Poole-based firm after receiving reports of missing money.
The Initiative Property Management (IPM) office has been locked at Branksome Business Park, Poole, and no staff are on site.
The Echo has received multiple reports of residents and property owners paying the company thousands of pounds for services, however, they have been unable to contact anyone over recent days.
Meanwhile, the IPM website has been taken down and is in ‘maintenance mode’ at the time of writing.
An email seen by the Echo, and sent by a manager earlier today, states: “We have been advised by our managing director, Steven Greaney, that Initiative Property Management Limited has ceased trading with immediate effect from 9am 18/09/2023, and the office is now closed.
It adds: “We understand the accounts have been frozen, we would therefore suggest no further payments are made to the client accounts going forward.
An archived version of the IPM website from March this year states: “Our flat management/apartment management portfolio of clients stretches across Bournemouth, Boscombe, Westbourne, Poole, Christchurch, New Milton, Weymouth, Axminster, Southampton & Salisbury.”
According to the Companies House website, the accounts for IPM are overdue.
On August 1, a notice was issued that the firm would be struck off and dissolved, however, this was discontinued just a day later.
Company accounts were last filed in November 2022, but only covered up until May 2021 when at the time IPM had current assets of £457,637.
Steven Richard Greaney is listed as the sole director.
The doors to the company were locked when the Echo visited its registered address in Branksome earlier today.
Offering residential block and building management, IPM managed 2,144 flats and apartments – or 175 blocks, in March.
According to an automated message on the company switchboard, it is regulated by the Financial Conduct Authority (FCA), which the Echo has contacted.
A spokesperson for Dorset Police said: “At 5.14pm on Monday 18 September 2023 we received a report that an amount of money has gone missing in relation to property management in Bournemouth. Enquiries are continuing. No arrests have been made.”
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