The Serious Fraud Office has today charged multiple individuals with fraud related offences, following a complex investigation into the transfer of £75 million in pension funds into storage units based mainly in the North of England and Scotland.
Toby Whittaker, Stephen Michael Talbot, Stuart Grehan (also known as Stuart Chapman-Clark), Terence Wright and Emma Hawkins (also known as Emma Grehan) were charged with conspiracy to defraud. Stephen Michael Talbot was charged with money laundering. A sixth defendant has also been charged with money laundering. Additionally, Stephen Michael Talbot and Stuart Grehan were charged with Perjury Act offences.
Between 2011 and 2014, over 1,900 UK investors transferred their pensions into self-invested personal pensions 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 allege that misrepresentations were made in the marketing of the product, including that investors would receive a guaranteed return and that units were ready for people to rent.
Alleged misrepresentations also include offering upfront cash incentives to investors without telling them they might be exposed to a tax liability for receiving money out of their pension.
Director of the Serious Fraud Office, 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.
The defendants are expected to appear at Westminster Magistrates’ Court on Thursday 21 August 2025.
My correspondent’s comments are worth the attention of those out of pocket and being chased over Ark and those who have been ripped off since
“It was the next one straight after Ark, Stephen Ward did all the pension transfer administration, I gave up 4 hours of testimony to the SFO in 2015 along with one of the victims”
“Nunn and McCreesh did all the lead generation and then went on to launch the Blackmore Bond and Global Fund”. Then Toby Whittaker went onto launch Park First and thousands more got scammed.”
“The SFO have been working on it for nine years”
So hard to nail – so diligent the SFO. Thanks to those who have been involved and pity to those who were victims.
Statement on Toby Whittaker
Upon news of the SFO proceedings, Toby Whittaker’s defence lawyer, Anthony
Barnfather, confirmed his client vehemently denies any wrongdoing in relation to the
ongoing proceedings and will fully contest the allegations made against him.
Mr Whittaker added:
“I am both shocked and saddened to find myself subject to these proceedings. I want to make it absolutely clear that I do not accept the allegations brought against me.
While I am limited in what I can say due to the ongoing legal process, I have always believed in what we were trying to achieve, both for the investors and the business.
The longevity and success in the storage market is testament to that. I have acted in good faith and the business in question remains fully operational, with assets that continue to perform and generate value.
I have full confidence in the British legal system and I trust that, in due course, the facts will speak for themselves. I will engage fully and transparently with the judicial process, and I remain committed to clearing my name.”
No further comment will be made at this stage.