Scott McTominay Pursues £2 Million Legal Action Against Failed Investment Firm
Scotland and Napoli midfielder Scott McTominay has initiated a substantial £2 million High Court claim against the collapsed investment business Fortress Capital Partners. The firm was operated by Ashley Reading, the father of McTominay's fiancée, model Cameron Reading. This legal move highlights the financial turmoil following the company's administration in 2023, which has been compared by administrators to a Ponzi scheme.
Details of the Investment and Collapse
McTominay's company, SM Fortress, which lists the footballer as its sole director and Ashley Reading as registered secretary, is pursuing action over a loan intended to purchase a property in Lagos, Portugal's Algarve region. The midfielder is understood to have invested £1 million in cash, plus an additional £1.32 million from his company, into Fortress Capital Partners. The firm had promoted annual returns of up to 18 percent before its collapse, leaving numerous investors, including celebrities, facing significant losses.
In March 2024, administrators reported that FCP owed nearly £18 million to 230 creditors, with total debts potentially reaching £20.2 million. The company borrowed money from investors and lent it at higher rates to corporate entities and one high-net-worth individual. Other notable investors include Boyzone singer Shane Lynch, who reportedly invested £730,000, and worshippers at the Tab Church in Lewisham, where Ashley Reading was baptised.
Dispute Over Portuguese Property
The High Court claim centres on a dispute regarding a derelict two-floor building and surrounding land near Lagos. SM Fortress alleges that FCP was meant to act as a pure intermediary, on-lending £1 million to a Portuguese company to secure the property and hold it in trust. However, after FCP's insolvency, it sought to claim a right of sale and obtained an order freezing any attempts by SM Fortress to seek planning permission for hotel or commercial development.
In its response, FCP argued that SM Fortress has no valid claim beyond whatever rights it may have as an unsecured creditor. Administrators from Begbies Traynor have noted the high costs associated with recovering assets in what they describe as a Ponzi scheme case, expressing sympathy for creditors who invested life savings and retirement funds.
Wider Impact and Investor Fallout
The collapse has had far-reaching consequences. Cameron Reading, who served as a director of Fortress Capital between April and June 2021 and was previously head of investor relations, has reportedly sold homes in Dubai and Spain to cover debts. The Reading family had acquired luxury investment properties worldwide, with McTominay's loan specifically for the Portuguese purchase. Earlier reports suggested he might only recover £100,000 from his investment.
Other entities affected include Raglan Country Estate, a golf course and resort in Wales where Ashley Reading was a shareholder, which ceased operations after FCP's collapse. Additionally, a company owned by Terry Byrne, agent to former England manager Sir Gareth Southgate, reportedly owed about £12.5 million to Fortress, with funds linked to clients including former England stars Joe Cole and Glenn Hoddle, and Michelin-star chefs.
Responses and Ongoing Proceedings
In November 2023, a spokesman for McTominay stated that the footballer had no involvement with Fortress beyond providing a commercial loan for the property purchase and was unaware of its wider activities or financial difficulties. Insolvency practitioner Edwin Kirker is now supervising a five-year company voluntary arrangement with creditors agreed last year. The Daily Mail has contacted representatives for McTominay, Ashley Reading, and FCP's administrators for further comment.
This case underscores the risks associated with high-return investment schemes and the personal financial entanglements that can arise, even for high-profile athletes like McTominay, whose goals helped Scotland qualify for this summer's World Cup.
