<p>From: stephen waite &lt;waitestephen@hotmail.com&gt;&nbsp;<br />
Sent: 27 August 2020 15:35<br />
To: Tom Dimonaco &lt;tom.dimonaco@wealthclub.co.uk&gt;<br />
Cc: Gayle Bowen &lt;gayle.bowen@wealthclub.co.uk&gt;<br />
Subject: Re: The Hero of Maida (Truscott) - Investment Update<br />
&nbsp;<br />
Hi Tom and thanks for this and the South West Leisure details . It made for grim reading and there certainly doesn&#39;t seem to be a strategic plan that is being followed !!.&nbsp;<br />
It raises the following questions.<br />
&nbsp;<br />
South West Leisure Ltd.<br />
In June the shareholders report made a big play of Harcourt hiring 2 senior executives to drive the company through these difficult times , no mention of this now!! , what is going on.<br />
Again, a positive was made of the outside space at the Crown Inn and in the financials, it was going to trade in August . However shortly after the report it decides not to open until September !! This would appear to be a big mistake as not only has it missed the great weather it has also missed out on the government initiative &quot;eat out to help out &quot; and we have heard how that has helped numerous other pubs/restaurant chains. It is now faced with the need to make its own relaunch of the pub without government help, as contrary to their report the scheme is not going to be extended into September.<br />
In the budget issued to shareholders in June the year end result was a loss of &pound;229k and in the latest it is reduced to &pound;150k . Initially that looks like progress but the reduction is mainly the removal of 90k of Private loan interest ,why is this not being budgeted for now ?&nbsp;<br />
There are substantial savings being shown in kitchen staff costs down from 189k to 116k , is this the initiative of a rota system that is still under discussion ?<br />
I notice in both budgets that Harcourt are still charging 100K a year to these pubs despite the lack of trading, surely there should be a substantial reduction here .<br />
My main query on Maida Vale is the comments on EIS which seem to be in conflict with your previous feedback . I understood they had not made a submission on Maida Vale ( I know they haven&#39;t on the Crown Inn) as they were waiting for the result of another group pub submission ? However, the report clearly relates to MVLL so have they ? what are we to believe ?<br />
&nbsp;<br />
These are the worst investment I have made through The Wealth Club and I see no way that this group will deliver for shareholders so the EIS certificates are crucial to getting any money back . If the HMRC do not issue the certificates what does the wealth club intend to do on behalf of shareholders?</p>

<p><br />
All the best&nbsp;<br />
Steve Waite&nbsp;<br />
&nbsp;</p>