The assets recovered included a villa in Tenerife and 16 commercial and residential properties in Somerset. Also recovered was an 18th Century Georgian townhouse in Bath, which was operated as the Roman City Guest House, and the former Midford telephone repeater station.
The huge property portfolio was acquired between 1998 and 2007. Investigations revealed that between 2004 and 2009 alone, it generated rental and commercial income of more than £2 million. The Davies family’s assets were frozen earlier in the year by a court, but this was thought to be linked to the collapse of the family business, which rented and sold holiday homes in Norfolk, Suffolk and Cambridge.
The family had claimed that the funds used to purchase the properties were the result of gifts. This could not be substantiated, and the family agreed to surrender the assets after conceding that they derived from the proceeds of unlawful conduct.
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