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IN House Share Discussion Threads
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|Five In House businesses enter administration
Five companies owned by Warrington property investor In House Group, the former AIM-listed business, have gone into administration. Ernst & Young were appointed administrators by the Dunfermline Building Society after the group breached a loan agreement.
The companies entering administration are Avanti Properties, Berrymount Developments, In House Property Projects, Compustar and Decaton. The group's shares on AIM were cancelled in January 2010 and the directors were hoping that a Plus flotation could help to save the business.
However in a statement, the business said: "Despite our efforts to rescue the company with a new Plus floatation, which has taken up a great deal of our time and resources, the bank has pulled the plug on our facility."
It added: "The reason given by the bank was that we have breached our loan to value covenant. Although we would imagine nearly every property loan in the UK is in a similar position, the bank did not wish to listen to any of our valid proposals for correcting the position."
Ernst & Young said it plans to sell the group's portfolio of buy-to-let properties in due course. In House Group reported a pre-tax loss of £2.1m for the year to 30 April 2009, compared with a loss of £787,000 a year earlier. Turnover fell by 48 per cent to £643,000.|
Wonder what the Administrators will think of this?
Wonder why Dunfermline lent so much to Marcus???|
|Have you heard anything?|
|Looks like the answer to my own question is .... no.|
|Anyone heard anything more about these guys ? are they still in business ?|
|Hmmm, good point cavkc, website still shows DM as Chairman. If you Google A B-C, you come across an interesting link:
He's also a commercial property lawyer:
|What happened to David Meddings, former Chairman ? Haven't seen an RNS regarding a change.|
|They can't even get the date right in the Chairman's statement:
29 January 2009"|
|it just goes to show the dangers out there in the markets. how was a 2-bit dodgy company like this allowed to float ?? shocking. I hope no one has lost too much|
|I am not stating opinion, but a fact. It will be traded on PLUS in due course.|
eh m es mx
|Dont think so - if theat were the case it would have been the subject of an rns. Anyone with shares here has lost their wedge|
|It's going to be traded on PLUS.|
eh m es mx
|And I believe only then when it appears on the Negligible Value list:
I'm still waiting for a company to appear that went bust in 2008....Some old favourites on the list, Brent Walker, Calluna, Polly Peck....|
|can only be used as tax loss if co goes bust|
|..thanks....as I thought.....looks like an end of year tax right-off...|
|..trading has stopped but does the company with our shareholding still exist?|
|That reminds me, must rent There's Something About Mary on DVD.|
|So where will Marcus get the money for his future hair products. Can't have him looking all disheveled. Such glorious hair doesn't happen all by itself you know.|
eh m es mx
|LOL.. it had to happen. Marcus did pretty well stretching this outfit as long as he could milking it for as much as he possibly could.|
eh m es mx