Money could be owed to public purse as Hubbard businesses fold

Friday 31 August 2018

A number of businesses linked with the enigmatic businessman Quinten Hubbard are listed to be struck off - but most probably owe money to either Income Tax or Social Security or both.

While little is known of Mr Hubbard, it is understood he moved to Guernsey some years ago and invested money in a number of local businesses - some of which closed down previously and some of which are currently in the process of being struck off by the Guernsey Registry.

Having previously owned, or held shares in, multiple firms including construction firm Qube, magazine and online radio group GSY Media and the champagne and cocktail bars in town, Mirror Bar and Cuckoo, Mr Hubbard is now believed to be in the process of winding all of them up, bar a cleaning firm he is reported to own which  is said to still turn a healthy profit.

Sarnia Estate Agency - which Mr Hubbard is believed to have owned shares in, has been the most public casualty of the troubles facing his portfolio of businesses - but it is not the only firm linked to him which appears to have run into financial difficulties.

Pictured: The Mirror Bar on the town seafront in central St Peter Port - which is now believed to be permanently closed - was one of a number of businesses Mr Hubbard owned or was a shareholder in

While Sarnia Estate Agency has been listed as being voluntarily wound up with Grant Thornton appointed to act as liquidators, the Guernsey Registry website makes it clear that both Guernsey's Income Tax Office and Social Security department are interested in its future. The company was listed as being "retained at the request of Social Security and the Income Tax Office" suggesting money is owed to both bodies although the Guernsey Registry said that may not be the case.

Pictured: A number of businesses linked with Mr Hubbard as listed on the Guernsey Registry website on Thursday 30 August 

A spokesperson for the Guernsey Registry told Express that all of the businesses listed above, and others linked to Mr Hubbard, could owe money to the States of Guernsey through Income Tax and Social Security payments, as well as to other companies and individuals - however as the process of winding the businesses up is now underway there are certain procedures which must be followed.

The spokesperson said that if a company decides to list itself for "strike off" it will be listed publicly as so, or if it is to be removed from the registry for any other reason then it is also publicly listed. 

A third party can then ask for a business to be retained so, for example, money owed can be claimed back through petty debts. In most cases when a business is retained it is at the request of Income Tax or Social Security but requests from other third parties will also be considered.

The spokesperson said it is a "fairly regular occurrence when a business is being wound up," so the fact that a number of Mr Hubbard's businesses have been retained at the request of Income Tax and/or Social Security isn't in itself unusual.

They could be retained because of money owed - or it could be for some other reason which is, as yet undisclosed.