POLICE raided a business park as part of their ongoing investigation into a property management firm with links to Southampton.

Officers from Dorset Police were seen searching the offices for Initiative Property Management, based in Branksome Business Park in Poole, last week. 

The company, which ceased trading last month, is under investigation by the Economic Crime Unit for alleged fraud as well as the Financial Conduct Authority. 

IPM managed 2,144 flats and apartments – or 175 blocks, in March, with a portfolio that included property in Southampton.

Police officers seized a “large” quantity of material as well as items relating to each of the companies managed by IPM.

Daily Echo:

A spokeswoman for Dorset Police said: “On Wednesday 18 October 2023, officers executed a search warrant under section 9 of the Police and Criminal Evidence Act 1984 at Initiative Property Management Limited in Branksome Business Park in Poole.  

“A large quantity of material was seized, including material relating to each company managed by IPM. 

“The investigation is continuing and no arrests have been made.”

Read more: Initiative Property Management: Elderly residents left housebound

IPM's portfolio stretched across much of the south of England, including in Bournemouth, Boscombe, Westbourne, Poole, Christchurch, New Milton, Weymouth, Axminster, Southampton and Salisbury. 

On August 1, a notice was issued that the firm would be struck off and dissolved, however, this was discontinued just a day later. 

Company accounts were last filed in November 2022, but only covered up until May 2021 when at the time IPM had current assets of £457,637.

Read more: Initiative Property Management sparks economic crime investigation

Steven Richard Greaney is listed as the sole director. 

The Echo's sister paper in Bournemouth has received scores of reports from residents, property owners and contractors who have said they have lost thousands of pounds. 

Detective Inspector Andrew Kennard, of the Economic Crime Unit, said: “We are keen to hear from anyone who thinks their property management company may have been affected.” 

Anyone with information that could help the police with their investigation should call 101 quoting Operation Interest or occurrence number 55230141924. 

Alternatively, they should contact Crimestoppers anonymously online at Crimestoppers-uk.org or by calling Freephone 0800 555 111.