The Serious Fraud Office has charged six individuals with fraud-related offences after almost 2,000 investors were persuaded to transfer £75m in pension funds into storage unit investments.
Between 2011 and 2014, over 1,900 UK investors transferred their pensions into SIPPs to invest in storage units sold by UK storage company Store First.
Investors were promised a long-term leasehold on a unit and a return on their investment through renting the unit out.
The SFO alleged the misrepresentations included guaranteeing a return; that the units were ready to rent; and offering cash incentives without telling investors they may be exposed to a tax liability for receiving money out of their pension.
SFO director Nick Ephgrave QPM said: “Today’s charges are the culmination of a complex investigation by the SFO and represent an important step in pursuing justice for the many people who transferred their hard-earned pensions into this product.
Toby Whittaker, Stephen Michael Talbot, Stuart Grehan (also known as Stuart Chapman-Clark), Terence Wright and Emma Hawkins (also known as Emma Grehan) and a sixth defendant are expected to appear at Westminster Magistrates’ Court on Thursday 21 August 2025.
