A landlord has set up a company to handle the ownership and management of buy to let properties – and the landlord in question is no less a figure than Tony Blair.
The former Prime Minister is already more than familiar with property investment thanks to his family’s long-standing involvement.
Tony, his wife Cherie and their eldest son Euan already own 38 homes worth an estimated £33m according to the Daily Mail, with their portfolio including a series of flats in north-west England which Mrs Blair and their son let out via an existing company, Oldbury Residential Ltd.
The Mail says Companies House documents show Oldbury holding investments worth £2.4m in the year ending April 2016.
Now Tony and Cherlie Blair have set up another company, Harcourt Ventures Ltd, to help manage their growing rental empire; it was incorporated at Companies House last month with the intention of letting and managing properties.
The Mail claims Tony Blair owns 50 per cent of the shares although Cherie Blair is the company’s sole director; Nicky Blair, 31, the couple’s second son, was a director for a single day on March 21, the day the firm was incorporated.
That the former Prime Minister should get involved with buy to let via a company is no surprise; Cherie Blair and the law firm she leads – Omnia Strategy LLP – represented landlords Steve Bolton and Chris Cooper in last year’s unsuccessful bid to secure a judicial review of Section 24 of the Finance (No.2) Act 2015.
This was the act which last month came into effect and started reducing landlords’ mortgage interest tax relief.
At the time of the failed attempt Cherie Blair said: “The court’s decision that our clients’ legal challenge should not proceed is very disappointing. Steve and Chris, and many others, have dedicated a lot of time and energy into putting forward the best case possible. We know the case has been supported and followed with interest by a large number of individual landlords. Many of these landlords now face challenging times ahead.”
She continued: “From the outset, the legal process was just one aspect of our clients’ fight against this unfair measure. Together with their impressive and growing coalition, they will continue to engage with the government, and the legal team wishes them every success.”