Regarding your friend Mr Ashville. I have taken a little time to read the Administration Report. It looks like he has been working to clear his personal guarantee responsibilities. As for the rest of the mess……many have taken a hit.
The old yard situation was rather comical. He was dealing with ruthless landlords that know property law far better than he did. It looks like they served a valid rent increase. I can’t comment on the values as all London prices make my eyes water. He served notice to terminate, but failed to vacant in time, which meant he was on the hook for how ever long to the next break clause. That was not the only reason of the collapse. He had built the empire on invoice finance, when the work goes quiet you can’t draw sufficient cash in to cover the shortfalls if you are financed up to your eyeballs. It was a slow car crash that the old yard was just not going to go away. So ultimately he lost the new yard when the inevitable insolvency caught up with the reality. On paper it looks like he has taken quite a hot personally.
I have had a bet with one of my friends, the new “resort” will not be open in 24h months and in 5 years time he won’t own it!! What he is going to do is create more content as I guess that is where his personal money is still coming in!!
