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Developers In Trouble


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Cluck!

KFC franchise gets a taste for investment

http://www.belfasttelegraph.co.uk/business/business-news/kfc-franchise-gets-a-taste-for-investment-29334741.html

HERBEL is a large family-owned company, headquartered in Belfast, combining significant interests in property investment and development along with extensive retail fast food operations as part of the Kentucky Fried Chicken (KFC) franchise.

The property investment assets are located in the UK and the Republic of Ireland.

They include shopping centres, an industrial estate and office accommodation.

Financial results for 2011 reflect a write-down in the value of investment property and the taking of exceptional charges against the profit and loss account.

Operating profit, as shown in the table, is before a deduction of exceptional charges of £7m in 2010 and £8.6m in 2011. When these exceptional charges are included in calculating pre-tax results the outcome in 2010 was a loss of £11.6m and £5.6m in 2011.

When the pre-tax losses and the write-down of the value of assets are carried into the balance sheet, the value of shareholders' funds, which had fallen by £19.8m during 2010, fell by a further £11.4m in 2011.

The group has a large portfolio of physical assets whose balance sheet value has fallen from £202m in December 2009 to under £174m at the end of 2011.

Edited by Shotoflight
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Cluck!

KFC franchise gets a taste for investment

http://www.belfasttelegraph.co.uk/business/business-news/kfc-franchise-gets-a-taste-for-investment-29334741.html

HERBEL is a large family-owned company, headquartered in Belfast, combining significant interests in property investment and development along with extensive retail fast food operations as part of the Kentucky Fried Chicken (KFC) franchise.

The property investment assets are located in the UK and the Republic of Ireland.

They include shopping centres, an industrial estate and office accommodation.

Financial results for 2011 reflect a write-down in the value of investment property and the taking of exceptional charges against the profit and loss account.

Operating profit, as shown in the table, is before a deduction of exceptional charges of £7m in 2010 and £8.6m in 2011. When these exceptional charges are included in calculating pre-tax results the outcome in 2010 was a loss of £11.6m and £5.6m in 2011.

When the pre-tax losses and the write-down of the value of assets are carried into the balance sheet, the value of shareholders' funds, which had fallen by £19.8m during 2010, fell by a further £11.4m in 2011.

The group has a large portfolio of physical assets whose balance sheet value has fallen from £202m in December 2009 to under £174m at the end of 2011.

Wading through some of the subsidiaries I can see that the directors/shareholders (Michael & Lesley) took out dividends & salary totalling about £600k and that while the property side is suffering from writedowns the KFC cash is still pouring in.

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Wading through some of the subsidiaries I can see that the directors/shareholders (Michael & Lesley) took out dividends & salary totalling about £600k and that while the property side is suffering from writedowns the KFC cash is still pouring in.

PJ, does the cash that KFC generate pour out to the subs?

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http://www.independent.co.uk/news/uk/politics/royal-bank-of-scotland-chief-stephen-hester-to-step-down-8656121.html

I think this means split of RBS into good bank/bad bank and probably ominous for Ulster.

RBS To Unveil 2,000 Investment Bank Job Cuts

The latest slew of cuts will take total number of jobs lost at RBS since the 2008 crisis to nearly 40,000, Sky News learns.

http://news.sky.com/story/1102863/rbs-to-unveil-2000-investment-bank-job-cuts

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http://www.independent.co.uk/news/uk/politics/royal-bank-of-scotland-chief-stephen-hester-to-step-down-8656121.html

I think this means split of RBS into good bank/bad bank and probably ominous for Ulster.

Funny, I seem to remember a number of things being illegal in the past. Among them the following;

A company buying back its own share capital with its profits.

A company setting up a subsidary, loading it with parent company debt and then letting it sink.

We are being offered the chance to buy back the shares we already own and the government keeps talking about setting up a bad bank to carry/sink with the debts.

Go straight to jail and if you pass Go do not collect £200!.

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Chris Walsh has reached a deal with BoSI - looks like a consensual enforcement

http://www.bbc.co.uk/news/uk-northern-ireland-23098010

So what was all the court action about and what did it achieve ?

I assume if he has consensually let the companies go into administration as he has not been able to refinance his portfolio with another institution and that BoSI didn't want him to sell the properties for them,

Was the deal for settling the court action the ripping up of his personal guarantees ?

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So what was all the court action about and what did it achieve ?

I assume if he has consensually let the companies go into administration as he has not been able to refinance his portfolio with another institution and that BoSI didn't want him to sell the properties for them,

Was the deal for settling the court action the ripping up of his personal guarantees ?

I suspect the point of the action was exactly as you suggest. Lloyds/ BoSi avoid embarrassment, Mr Walsh keeps his Malone Rd castle.

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Interest charges cost Donegall Place Investments £13m

http://www.belfasttelegraph.co.uk/business/company-profiles/interest-charges-cost-donegall-place-investments-13m-29439612.html

The balance sheet value of the properties owned by DPI peaked at £408m in September 2007. In September 2012, bank borrowing at £270m sat alongside a balance sheet valuation of fixed assets of £181m. In consequence, the value of shareholders' funds became a negative figure of £73m.

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Interest charges cost Donegall Place Investments £13m

http://www.belfasttelegraph.co.uk/business/company-profiles/interest-charges-cost-donegall-place-investments-13m-29439612.html

Put that in ur bun and eat it. Ouch.

The balance sheet value of the properties owned by DPI peaked at £408m in September 2007. In September 2012, bank borrowing at £270m sat alongside a balance sheet valuation of fixed assets of £181m. In consequence, the value of shareholders' funds became a negative figure of £73m.

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Interest charges cost Donegall Place Investments £13m

http://www.belfasttelegraph.co.uk/business/company-profiles/interest-charges-cost-donegall-place-investments-13m-29439612.html

Put that in ur bun and eat it. Ouch.

The balance sheet value of the properties owned by DPI peaked at £408m in September 2007. In September 2012, bank borrowing at £270m sat alongside a balance sheet valuation of fixed assets of £181m. In consequence, the value of shareholders' funds became a negative figure of £73m.

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Fears for around 50 Limavady jobs, says mayor

http://www.bbc.co.uk/news/uk-northern-ireland-foyle-west-23584848

The mayor of Limavady, County Londonderry, has expressed concern for the future of up to 50 jobs in the town.

Limavady Building Suppliers and McCloskey and O'Kane Building Company Ltd have been placed into administration.

The BBC understands the two businesses worked with each other.

A sign has been placed on the premises stating "closed until further notice."

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Don't know if this particular developer is in trouble per se, but you gotta question the business plan.

For sale at £1 million

http://www.btwcairns.com/property_specific.aspx?ID=16835

Can't get it shifted? (been listed with at least 3 agents)

Can't get it let for £2500 a month?

http://www.propertypal.com/79-bawnmore-road-malone-road-belfast/215196

Just rent out the rooms to those young professionals.

http://www.gumtree.com/p/flats-houses/luxury-doubleensuite-rooms-to-rent-just-off-the-malone-road-belfast/1013016879#photo-content

£1900 for all the rooms and 5 times the hassle.

Edited by 2buyornot2buy
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Fears for around 50 Limavady jobs, says mayor

http://www.bbc.co.uk/news/uk-northern-ireland-foyle-west-23584848

The mayor of Limavady, County Londonderry, has expressed concern for the future of up to 50 jobs in the town.

Limavady Building Suppliers and McCloskey and O'Kane Building Company Ltd have been placed into administration.

The BBC understands the two businesses worked with each other.

A sign has been placed on the premises stating "closed until further notice."

Fairly big company. I understand O'Kane passed away six months ago. I am not sure if there was a McCloskey.

(this is totally inappropriate but I assume any PG's die with you and are not passed on to your estate)

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  • 415 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • up 5%



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