Credit crunch spells administration for Inside Track

The credit crunch has forced property investment training firm
Inside Track
Seminars – which claims to have created hundreds of property millionaires –
into administration.

Jeremy French and Glyn Mummery of
Vantis were
appointed joint administrators this week, according to the Financial
Times. Inside Track said the credit crunch meant the business was no longer
‘sustainable’ despite the introduction of significant measures involving a
number of redundancies and major cutbacks.

‘The action with respect to Inside Track seminars is regrettable but
necessary. The company has seen a fall in the number of people who want to
invest in the property market for the first time and that is understandable in
the current climate,’ Tony McKay, managing director, said.

The other companies in the group, Instant Access Properties (IAP); AfterCare
Solutions; Pay As You Grow; and Fuel Investments, are unaffected by the recent
changes associated with Inside Track.

Further reading:

Read
the Financial Times story