Former Urban Exposure bosses pay back nursery loan

The former chief executive of Urban Exposure Randeesh Sandhu and chief operating officer Daljit Sandhu have repaid a controversial £1.2m loan that caused a shareholder backlash earlier this year. Urban Exposure launched an inquiry into the loan made by one of its subsidiaries to Urban Exposure Philanthropy, a charitable organisation run by the pair, in May. The company said the interest-free loan was to finance the refurbishment of a nursery school in south-east London for underprivileged children. But shareholder Christopher Mills, founder of Harwood Capital Management, said he and colleagues were “extremely concerned” about issues of disclosure. The remaining £907,000 has now been repaid and the security given by Randeesh Sandhu and Daljit Sandhu has been released. Randeesh and Daljit Sandhu said: “The repayment of the loan ends any ties between Urban Exposure Philanthropy Limited and Urban Exposure plc. We are passionate about continuing to support education initiatives for underprivileged children at a time when these issues have been confounded by the pandemic. We are excited to embark on the next stage of the charity’s journey independently with renewed ambition and enthusiasm.” Urban Exposure will continue its winding down strategy over the next month, following the collapse of a deal to sell its loan book, amid market uncertainty created by the coronavirus pandemic.   To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette