Jump to content
House Price Crash Forum

Adam Applegarth Becomes Property Mogul..merged


Recommended Posts

Unfortunately, he just did.

What exactly is "Beechwood Property Management" supposed to be, I wonder ?

Q. How do you make a small fortune ?
A. Start off with a large one.

Let's hope they go bust in 3...2...1...

Link to comment
Share on other sites

Applefool more like.

We are a the fools I'm afraid. He got away with it - they all did, and have been rewarded handsomely for bankrupting the country.

Not one of them has gone to gaol for fraud; some even found themselves employed by the government as consultants. HBOS' Crosby advising the Brown government on mortgages!

It is a case that once a level is reached, these people are pretty untouchable and move around leaving disaster in their wake.

Link to comment
Share on other sites

this sounds like a pretty big step down to me - having to set up his own business and not leech into somebody else's

if this was Japan he would either (1) still be running NR after a big bail out (2) running another big corporation connected to govt money (3) be a government minister or senior civil servant in the treasury

Link to comment
Share on other sites

With breath-taking originality, Slapplegarth the Geordie Mekon makes a daring career move into property.


Adam Applegarth, the former Northern Rock chief executive who presided over the demise of the high street bank, has moved into property with the launch of his own business.

By Jonathan Sibun

Published: 9:05PM BST 11 Sep 2010


Adam Applegarth has teamed up with his son to form Beechwood Property Management

The former banking chief has teamed up with his son Greg to set up Beechwood Property Management.

The company appears to have been named after Adam Applegarth's home, Beechwood House, in Matfen, near Newcastle.

Of the company's 100 shares, Adam Applegarth holds 55, giving him a controlling stake. The launch marks the latest step of his rehabilitation into public life after he was vilified for presiding over Northern Rock's demise.

Mr Applegarth left the lender in December 2007 with a £760,000 pay-off, after the first run on a UK bank since 1866. The bank was nationalised two months later, leaving investors facing substantial losses.

The 48-year-old former banking chief took his first job since Northern Rock last October, when he was hired as an adviser to Apollo Management, the US private-equity firm.

Beechwood Property Management was registered at Companies House on September 1. The business is registered to an office in central Newcastle.

From banking parasite to rentier parasite; is there no start to this man's brilliance?

Edited by Dave Spart
Link to comment
Share on other sites

Failed banker moves into failing sector.

Does this chap have a clue ?

This is similar to my BTL friend who trained as a mortgage brockers in July 2007...that was 5K down the drain !!!

He sold one mortgage in 6 months...to his mate.

Rather like the EA I sold my previous house through in Aug 2007. He proudly told me that I would be his last client as an estate agent as he was leaving for a change of career. "Great," I said "What are you going to do now?"

"Retrain as a mortgage adviser" he replied.

Snatching defeat out of the jaws of victory I think.

Link to comment
Share on other sites

  • 2 years later...

That is actually really sad. And - NOTE - This guy only joined Northern Rock in 2005 --- by then the damage had pretty much been done - I'll bet he had little to do with it -- the seeds of destruction had already been sown - & Applegit was, I reckon, the MAIN instigator and perpetrator of all that was wrong at NR.....

This poor guy is just a victim...

Very, very sad.

Link to comment
Share on other sites

From the link:

The 48-year-old former banking chief took his first job since Northern Rock last October, when he was hired as an adviser to Apollo Management, the US private-equity firm

Is that the same firm a bank taxpayer's own is selling assets to at 10p in the £1?

Project Lane portfolio, with assets of £1.46bn, sold off to Risali Ltd in £149m cash deal

Lloyds Banking Group has sold off a portfolio of loss making Irish commercial property loans linked to assets worth £1.46 billion in a deal worth around 10 pence in the pound.

The Project Lane portfolio, which generated losses of £202 million last year, is part of the wider Irish loan book Lloyds inherited from Bank of Scotland.

Risali Limited, an affiliate of US-based Apollo Global Management, has acquired the portfolio for a cash consideration of £149 million.


Link to comment
Share on other sites

I know people who work for Apollo, the US hedge fund. It's a distinctly shady outfit. Does anyone remember Michael Milkin the junk bond king at Drexel Lambert in 1980s. After Milkin went to jail there were members of his team who got away without being charged. They founded Apollo and have been massively successful ever since.

Link to comment
Share on other sites

Keith Currie was a one of the few old school British gentlemen left in the banking industry.

A close friend, who asked not to be named, said Mr Currie felt 'terrible' about ordinary people losing their money.

I thought all savings deposits were covered by tax payers - even those above the FSCS threshold ?

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Recently Browsing   0 members

    • No registered users viewing this page.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.