Bulgarian Dreams
Encyclopedia
Bulgarian Dreams was a UK-registered property sales agent, specialising in the sale of off plan
properties in Bulgaria
to buyers mainly from the UK and Ireland
. It operated from several offices with headquarters at 120 Moorgate, London
, UK, EC2M 6SS. There was also a sister company called Go Visit Bulgaria (rentals).
The company ceased trading in late 2008.
, and the directors are Mariya Georgieva and Robert Jenkin. They were also the only shareholders as of the company's 2007 annual return.
Mariya Lazarova Georgieva (born 1977) is Bulgarian, and has a Masters degree in Economics
from City University, London
. Robert Jenkin (also born 1977) is British. He is a graduate of Cambridge University with a City of London
financial background, having worked in corporate finance at Bankers Trust
and Deutsche Bank
. They married in 2002.
The company received widespread news coverage.
Bulgarian Dreams subsequently issued the following statement:
In response, AIPP chief executive Paul Owen explained that members are not charged for disciplinary hearings, although they may be liable to pay costs if they are found to be in breach of the association’s code of conduct. He did not accept Bulgarian Dreams' explanation and said that an AIPP member company may not resign while there are outstanding complaints against it.
The BBC’s consumer affairs programme Watchdog
featured a story on Bulgarian Dreams which aired on 9 February 2009 in the UK. This highlighted the problems experienced by one buyer who purchased an apartment at the Windows To Paradise development on the Black Sea coast being built by the development company Interlink. It was noted that Robert Jenkin had been a director of the company until November 2006.
Watchdog broadcast an update to the story the following week, on 16 February 2009. This featured more dissatisfied customers.
Bulgarian Dreams declined to be interviewed on air but issued the following statement:
Robert Jenkin was interviewed with Chris Dale in Sofia by Watchdog with whom he had been liaising. The interview largely focused on the Windows To Paradise development. This meeting was featured in a Watchdog programme which aired on 18 May 2009 in the UK.
At the meeting Robert Jenkin explained that Windows To Paradise had run into difficulties due to a cash-flow problem at the development company, that building costs had been higher than expected and that the global slowdown had hit sales. Additionally a number of purchasers hadn't paid their final payments and that these funds could be used to fund completion of the properties. He said that following these problems he and his customers were now moving forward. "Myself and the owners, we're talking about the majority of owners in many developments now, we've put that behind us, we've drawn a line in the sand." When asked about his connections with the development company Interlink, Robert Jenkin stated that he'd once been a manager (until 2006) and that his wife was still a manager, but he explained that these appointments were non-executive and made to allow Bulgarian Dreams to have access to increased information flow on behalf of purchasers.
It was reported in the interview that a new structure was being proposed to move the development to completion but that if this failed it was likely that the properties would be auctioned off in relation to an outstanding loan due by the development company.
London-based law firm The International Law Partnership represented a number of clients who bought property through Bulgarian Dreams. The International Law Partnership has subsequently ceased trading.
In March 2009 Bulgarian Dreams was reported as being under investigation by the Economic Crime Department of the City of London Police
, but no subsequent action has been reported.
A September 2010 report by the Sofia Echo states that Bulgarian Dreams' customers are pursuing legal action against some developers, saying "There are hundreds of such court actions in Bulgarian courts and a big part of them are deals brokered by Bulgarian Dreams". This article refers to two customers who were successful in legal action against developers.
Off plan
Off-plan property is a property that has not yet been fully constructed. Some developers offer the chance for buyers / property investors to purchase a property before work has started...
properties in Bulgaria
Bulgaria
Bulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east...
to buyers mainly from the UK and Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
. It operated from several offices with headquarters at 120 Moorgate, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, UK, EC2M 6SS. There was also a sister company called Go Visit Bulgaria (rentals).
The company ceased trading in late 2008.
Berkeley Square Trading
Bulgarian Dreams was a trading name of Berkeley Square Trading Limited, a UK limited company (no. 04647920) registered at 120 Moorgate, London, EC2M 6SS. The company secretary is Mariya GeorgievaMariya Georgieva
Mariya Lazarova Georgieva is a founder, director and company secretary of Berkeley Square Trading Limited, which traded as Bulgarian Dreams...
, and the directors are Mariya Georgieva and Robert Jenkin. They were also the only shareholders as of the company's 2007 annual return.
Mariya Lazarova Georgieva (born 1977) is Bulgarian, and has a Masters degree in Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from City University, London
City University, London
City University London , is a public research university located in London, United Kingdom. It was founded in 1894 as the Northampton Institute and became a university in 1966, when it adopted its present name....
. Robert Jenkin (also born 1977) is British. He is a graduate of Cambridge University with a City of London
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
financial background, having worked in corporate finance at Bankers Trust
Bankers Trust
Bankers Trust was an historic American banking organization. The bank merged with Alex. Brown & Sons before being acquired by Deutsche Bank in 1998.-History:A consortium of banks created Bankers Trust to perform trust company services for their clients....
and Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
. They married in 2002.
Early success
Bulgarian Dreams sold off plan properties in Bulgaria, marketing the country as an up-and-coming destination with a rapidly-developing economy and growing tourist trade. The company was well regarded and won International Residential Property Awards for Real Estate Agency in three consecutive years 2004-2006 including Best Real Estate Agency, Best Property in Bulgaria, Best Property Website and Best Development in Bulgaria from 2004 through to 2006.The company received widespread news coverage.
AIPP Membership
Bulgarian Dreams was a member of the Association of International Property Professionals (AIPP) until January 2008 when the AIPP reported that Bulgarian Dreams had been expelled. They said:Bulgarian Dreams subsequently issued the following statement:
In response, AIPP chief executive Paul Owen explained that members are not charged for disciplinary hearings, although they may be liable to pay costs if they are found to be in breach of the association’s code of conduct. He did not accept Bulgarian Dreams' explanation and said that an AIPP member company may not resign while there are outstanding complaints against it.
Cessation of Trading
The London office closed in late 2008. The Bulgarian Dreams website was replaced in early 2009 with a single page which stated that the company had been forced to cease trading due to prevailing economic conditions.Customer complaints and adverse publicity
Bulgarian Dreams has received negative media coverage, with customer dissatisfaction gaining pace through 2008 and into 2009. Buyers have complained that the properties they have paid for (either in part or in full) have been mismanaged, left incomplete, or delayed due to problems with planning permission.The BBC’s consumer affairs programme Watchdog
Watchdog (TV series)
Watchdog is a BBC television series that investigates viewers' reports of problematic experiences with traders, retailers, and other companies around the UK...
featured a story on Bulgarian Dreams which aired on 9 February 2009 in the UK. This highlighted the problems experienced by one buyer who purchased an apartment at the Windows To Paradise development on the Black Sea coast being built by the development company Interlink. It was noted that Robert Jenkin had been a director of the company until November 2006.
Watchdog broadcast an update to the story the following week, on 16 February 2009. This featured more dissatisfied customers.
Bulgarian Dreams declined to be interviewed on air but issued the following statement:
Robert Jenkin was interviewed with Chris Dale in Sofia by Watchdog with whom he had been liaising. The interview largely focused on the Windows To Paradise development. This meeting was featured in a Watchdog programme which aired on 18 May 2009 in the UK.
At the meeting Robert Jenkin explained that Windows To Paradise had run into difficulties due to a cash-flow problem at the development company, that building costs had been higher than expected and that the global slowdown had hit sales. Additionally a number of purchasers hadn't paid their final payments and that these funds could be used to fund completion of the properties. He said that following these problems he and his customers were now moving forward. "Myself and the owners, we're talking about the majority of owners in many developments now, we've put that behind us, we've drawn a line in the sand." When asked about his connections with the development company Interlink, Robert Jenkin stated that he'd once been a manager (until 2006) and that his wife was still a manager, but he explained that these appointments were non-executive and made to allow Bulgarian Dreams to have access to increased information flow on behalf of purchasers.
It was reported in the interview that a new structure was being proposed to move the development to completion but that if this failed it was likely that the properties would be auctioned off in relation to an outstanding loan due by the development company.
London-based law firm The International Law Partnership represented a number of clients who bought property through Bulgarian Dreams. The International Law Partnership has subsequently ceased trading.
In March 2009 Bulgarian Dreams was reported as being under investigation by the Economic Crime Department of the City of London Police
City of London Police
The City of London Police is the territorial police force responsible for law enforcement within the City of London, England, including the Middle and Inner Temple. The service responsible for law enforcement within the rest of Greater London is the Metropolitan Police Service, a separate...
, but no subsequent action has been reported.
A September 2010 report by the Sofia Echo states that Bulgarian Dreams' customers are pursuing legal action against some developers, saying "There are hundreds of such court actions in Bulgarian courts and a big part of them are deals brokered by Bulgarian Dreams". This article refers to two customers who were successful in legal action against developers.