[UK] Property technology company staff paid late after ‘funding delays’

In the UK, wages at property technology companies Outra and Upstix were paid late last month, Inside Housing Living reports.

The companies - founded by Monaco-based entrepreneur Giles Mackay - blamed “funding delays” for staff receiving their salaries late.

An all-staff email, seen by Inside Housing Living, reportedly stated that all employees were only paid 50 per cent of their July salary on July 31.

According to the email, staff could expect to receive the remaining 50 per cent of their salaries on August 7 (the following week).

On August 8, AssetTrust Group, which includes Outra and Upstix, confirmed to Inside Housing Living that staff had now been paid in full for the previous month.

Outra sells property data, and Upstix buys homes for cash. The companies share a chief executive, Fred Jones, and a London office. Both were founded by Mr Mackay, who also established the Heylo shared ownership business.

Heylo told Inside Housing Living that its funding arrangements are separate from Upstix and Outra, and that its staff were paid on time last month.

A spokesperson for Heylo Housing said, “Heylo Housing’s employees received their July salaries on the scheduled payment date, as normal. Heylo is a shared ownership provider with its own funding arrangements.”

The July email sent to Outra and Upstix employees said, “Unfortunately, there has been a slight delay in receipt of our latest funding injection, which means we’re not able to process July payroll in full on the normal pay date.

“The funding has been agreed in principle; we’re awaiting final agreed paperwork, but this has not arrived in time.”

The message continued, “I fully appreciate that this will cause concern and may create financial difficulties for some colleagues. We are incredibly sorry for the impact and understand the inconvenience this will cause.”

Outra’s most recently published accounts for 2023-24 reported that its average number of employees, including directors, was 42. Upstix said its average number of employees, including directors, was 16.

Outra currently lists 14 team members on its website, while Upstix reportedly lists six. Five individuals, including Mr Mackay and Mr Jones, work for both Outra and Upstix, according to company sites.

An AssetTrust spokesperson told Inside Housing Living, “The timing of a funding drawdown meant July salaries at Outra and Upstix were paid in two instalments.

“All staff have now been paid in full, and August salaries will be paid as normal.

“Anyone who told us they were facing financial hardship was offered our full support.”

Source: Inside Housing Living

(Quotes via original reporting)

In the UK, wages at property technology companies Outra and Upstix were paid late last month, Inside Housing Living reports.

The companies - founded by Monaco-based entrepreneur Giles Mackay - blamed “funding delays” for staff receiving their salaries late.

An all-staff email, seen by Inside Housing Living, reportedly stated that all employees were only paid 50 per cent of their July salary on July 31.

According to the email, staff could expect to receive the remaining 50 per cent of their salaries on August 7 (the following week).

On August 8, AssetTrust Group, which includes Outra and Upstix, confirmed to Inside Housing Living that staff had now been paid in full for the previous month.

Outra sells property data, and Upstix buys homes for cash. The companies share a chief executive, Fred Jones, and a London office. Both were founded by Mr Mackay, who also established the Heylo shared ownership business.

Heylo told Inside Housing Living that its funding arrangements are separate from Upstix and Outra, and that its staff were paid on time last month.

A spokesperson for Heylo Housing said, “Heylo Housing’s employees received their July salaries on the scheduled payment date, as normal. Heylo is a shared ownership provider with its own funding arrangements.”

The July email sent to Outra and Upstix employees said, “Unfortunately, there has been a slight delay in receipt of our latest funding injection, which means we’re not able to process July payroll in full on the normal pay date.

“The funding has been agreed in principle; we’re awaiting final agreed paperwork, but this has not arrived in time.”

The message continued, “I fully appreciate that this will cause concern and may create financial difficulties for some colleagues. We are incredibly sorry for the impact and understand the inconvenience this will cause.”

Outra’s most recently published accounts for 2023-24 reported that its average number of employees, including directors, was 42. Upstix said its average number of employees, including directors, was 16.

Outra currently lists 14 team members on its website, while Upstix reportedly lists six. Five individuals, including Mr Mackay and Mr Jones, work for both Outra and Upstix, according to company sites.

An AssetTrust spokesperson told Inside Housing Living, “The timing of a funding drawdown meant July salaries at Outra and Upstix were paid in two instalments.

“All staff have now been paid in full, and August salaries will be paid as normal.

“Anyone who told us they were facing financial hardship was offered our full support.”

Source: Inside Housing Living

(Quotes via original reporting)