The Serious Fraud Office (SFO) has charged multiple individuals with fraud-related offences, following a "complex" investigation into the transfer of £75m in pension funds into storage units. 

An update from the government confirmed that Toby Whittaker, Stephen Michael Talbot, Stuart Grehan (also known as Stuart Chapman-Clark), Terence Wright and Emma Hawkins (also known as Emma Grehan) were charged with conspiracy to defraud.

In addition to this, Talbot was charged with money laundering, while a sixth defendant has also been charged with money laundering.

Both Talbot and Grehan were also charged with Perjury Act offences.

The defendants are expected to appear at Westminster Magistrates’ Court on 21 August 2025.

Between 2011 and 2014, over 1,900 UK investors transferred their pensions into self-invested personal pensions to invest in storage units sold by UK storage company Store First, based mainly in the North of England and Scotland.

Investors were promised a long-term leasehold on a unit and a return on their investment through renting the unit out.

However, the SFO has alleged that misrepresentations were made in the marketing of the product, including that investors would receive a guaranteed return and that units were ready for people to rent.

According to the SFO, alleged misrepresentations also include offering upfront cash incentives to investors without telling them they might be exposed to a tax liability for receiving money out of their pension.

SFO director, Nick Ephgrave QPM, said: "Today’s charges are the culmination of a complex investigation by the SFO and represent an important step in pursuing justice for the many people who transferred their hard-earned pensions into this product." 

However, upon news of the SFO proceedings, Whittaker's defence lawyer, Anthony Barnfather, confirmed his client vehemently denies any wrongdoing in relation to the ongoing proceedings and will fully contest the allegations made against him.

Commenting on the allegations, Whittaker stated: “I am both shocked and saddened to find myself subject to these proceedings. I want to make it absolutely clear that I do not accept the allegations brought against me.

"While I am limited in what I can say due to the ongoing legal process, I have always believed in what we were trying to achieve, both for the investors and the business.

"The longevity and success in the storage market is testament to that. I have acted in good faith and the business in question remains fully operational, with assets that continue to perform and generate value.

"I have full confidence in the British legal system and I trust that, in due course, the facts will speak for themselves. I will engage fully and transparently with the judicial process, and I remain committed to clearing my name.”

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