<p>Here is the EIS stuff McC sent this morning.&nbsp; It relates only to KPH not Hero or Chiswick.&nbsp; I&#39;ve asked him why.&nbsp; No response&nbsp;as yet, of course.</p>

<p>I&#39;ve reached out to Philip Hare but he&#39;s not responded.&nbsp; I&#39;ll call his office tomorrow when I&#39;ve got a moment.&nbsp; But<strong> John and Stephen N, </strong>when you see McC tomorrow, can you ask him to tell Hare to contact me right away and not prevaricate please.</p>

<p>In terms&nbsp;of this KPH stuff, it seems to be just an initial&nbsp;letter with questions from&nbsp;HMRC (31 December 2019) followed by a response from&nbsp;Hare on <strong>23 June 2020.&nbsp;</strong>&nbsp;(Why did it take&nbsp;6 months for this response to be issued when we&#39;ve all been chasing McC for months on this?). All the docs are as provided by Hare to HMRC with his response.&nbsp; The questions do not seem overly alarming at this stage but clearly&nbsp;HMRC have knowledge of the way Ducalian/McC operate and will want to be satisfied that the company is (or has been) genuinely trading and is not under the control of Harcourt Investments/Inns/McC.&nbsp; Based on a prior discussion with&nbsp;Hare last year (which was not especially open), I believe HMRC have looked into these areas in more detail with the Hero and possibly Chiswick.&nbsp; We really need to find out from&nbsp;Hare where that process has got to.&nbsp;</p>

<p>So the jury&#39;s out at the moment.</p>

<p>Amongst the bundle of docs sent through is the management services agreement KPH has with Harcourt Inns (the services hub).&nbsp; I was curious, and of course annoyed, to see it provides for a fee of 25% of operating profit and looks to be very difficult for KPH to terminate.&nbsp; A mini version&nbsp;of the management agreement with Harcourt Investments.&nbsp;&nbsp;</p>