Collymore victory over adviser who lost savings

A High Court judge ruled in favour of the former Aston Villa and Liverpool striker who had lost his savings after he retired from the sport.

Collymore, 37, from Cannock, Staffordshire, went to court after he had been advised to cash in his insurance policies and set up funds which later failed.

Mrs Justice Gloster ruled that the advice he had been given by Mark Francis was negligent and in breach of statutory obligations.

But whether Collymore will actually see any of the money remains in doubt as his once trusted independent financial adviser is now bankrupt.

Francis had traded as Chase Independent Financial Advice, which, along with two other firms, are now in liquidation.

The court heard that Francis was paid "a generous commission", but the investments did not prosper as the football star had hoped and the publicity for one of the schemes in particular turned out to have been "wildly optimistic".

Neither the ex-footballer nor Francis were in court for the judgment and none of the defendants were represented.

The court heard Collymore first consulted Francis in January 2001, the year he retired from professional football.

Collymore cancelled his existing standing orders and liquidated endowment policies before investing in various schemes the adviser had recommended.

The judge awarded him £854,435 damages against Francis and Interlink Premier Network Ltd. Another investment company, IPTC Ltd, was also ordered to pay him £648,409.

Collymore was also awarded his legal costs, which came to almost £600,000.

Although he played for England and a host of leading clubs, Collymore has become more famous recently for notorious off-the-field incidents.

In a torrid relationship he struck then girlfriend Ulrika Jonsson in the face in a Paris bar during the 1998 World Cup.

He also admitted to his obsession with "dogging" having sex in public places. This led to treatment in the Priory clinic for depression caused by the shame his confessions had caused his wife and young children. He is currently working as a pundit for TV and radio.

Collymore became the British record transfer fee signing in 1995 when he moved from Nottingham Forest to Liverpool for £8.5million. He later played for Aston Villa among other clubs.