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munimula

Large Bournemouth Property Company Goes Bust

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This chap featured heavily in the 3-part Sandbanks programme flaunting his wealth. Now he's gone bust. He's been using his nightclub business to prop up his housing business.

I'm not surprised, the number of new build million pound + homes down here in Poole/Bournemouth is staggering. They aren't worth half what developers are currently asking for them, where is the market for all these homes at these prices?

http://www.bournemouthecho.co.uk/display.v...homes_crash.php

CARR'S £35M HOMES CRASH

By Julie Magee

ENTREPRENEUR Richard Carr's property company has gone into administrative receivership, just days after his nightclub and bar firm suffered the same fate.

The Daily Echo can exclusively reveal that Poole-based Ravine Lifestyle, which has eight prime sites in Canford Cliffs and Poole worth £35 million, is in the hands of administrators.

Still struggling to come to terms with losing a third of his personal wealth earlier this week, the 49-year-old chairman of Future 3000 candidly admitted: "This is a massive blow to me and the six full-time staff who work at Ravine Lifestyle Ltd's head office.

"I want everyone to know that the construction work will be completed by the bank, so workers on the building sites don't have to worry.

"The reason is that the bank is concerned about the lack of sales. The marketplace is substantially slower than originally envisaged.

"Some sites are completed, some are under construction," he added.

advertisementThe 49-year-old businessman said: "It is fairly catastrophic to say the least and I'm still in shock.

"This is a huge personal blow and I don't know where I will go from here. I need to think very long and hard about what happens next.

"The whole problem has been linked to property. Future 3000 had been helping to support the Ravine group.

"There were cross guarantees between the two companies," said Mr Carr, Ravine Lifestyle's owner and chairman.

"We are talking about properties with a current value of about £35 million and a substantial majority of my network.

"Like the nightclubs and bars, the property company is now only worth whatever the administrators will get for it."

Deloitte have been appointed administrators to Future 3000 and Ravine Lifestyle.

Partner in Deloitte's Reorganisation Services Practice Lee Manning told the Daily Echo: "We are continuing to trade the business (Future 3000) as a going concern whilst seeking a buyer."

Future 3000 has 31 full-time employees and a forecasted turnover of around £9 million this year with net operating profits in the region of £1.5 million.

The administrators will sell these for what they can get which will drive prices lower and force more developers to go bust.

Happy Days

Edited by munimula

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Guest DissipatedYouthIsValuable

So, who'd like to guess which direction the availability of cocaine in Bournemouth is going?

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So, who'd like to guess which direction the availability of cocaine in Bournemouth is going?

I went down to Poole and Bournemouth a couple of years ago -- it was "boom city" at that time.......... Every other business premises was an EA or "Property Co:" -- and it was obvious to me that this was the biggest bubble ever known.......... and that it was all heading to Armageddon. The number of "For Sale" signs was staggering - and the "prices" were simply unbelievable for their utter stupidity and unreality...........

The question really is -- How did SO MANY people fall for all this UTTER CRAP??!?? The properties are mostly Sh1tholes -- and people were paying millions for them>!??! Just to live in a glorified shoebox near the sea right in the middle of dull, unimaginative SUBURBIA??!?

All this was SOOOOOOOOOOOOOOOO predictable............

Edited by eric pebble

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The whole area from Christchurch to Lytchett & up to Verwood is now one city.

I met a guy who was brought up in Poole & wanted the whole mass renamed Basingstoke-on-Sea with an A to Z & 1 to 10 grid for each area to get rid of the pretentious & no longer necessary names.

Having been back there three years ago I think he was right.

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Guest DissipatedYouthIsValuable
The whole area from Christchurch to Lytchett & up to Verwood is now one city.

I met a guy who was brought up in Poole & wanted the whole mass renamed Basingstoke-on-Sea with an A to Z & 1 to 10 grid for each area to get rid of the pretentious & no longer necessary names.

Having been back there three years ago I think he was right.

Nowhere is quite as bad as Basingstoke.

Edited by DissipatedYouthIsValuable

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Nowhere is quite as bad as Basingstoke.

Corby

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Guest DissipatedYouthIsValuable
Corby

I don't go up North. They don't know how to pull pints properly.

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This chap featured heavily in the 3-part Sandbanks programme flaunting his wealth. Now he's gone bust. He's been using his nightclub business to prop up his housing business.

I'm not surprised, the number of new build million pound + homes down here in Poole/Bournemouth is staggering. They aren't worth half what developers are currently asking for them, where is the market for all these homes at these prices?

http://www.bournemouthecho.co.uk/display.v...homes_crash.php

The administrators will sell these for what they can get which will drive prices lower and force more developers to go bust.

Happy Days

:lol::lol::lol::lol:

No apologies.

Has he still got his flash motor?

:lol::lol::lol:

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The administrators will sell these for what they can get which will drive prices lower and force more developers to go bust.

:P Now where did I leave my 2 for the price of 1 special offer stickers :P

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"There were cross guarantees between the two companies," said Mr Carr, Ravine Lifestyle's owner and chairman.

If the banksters don't get you one way they'll get you another.

Still - It's only money eh?

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Just goes to show he is not the clever businessman he tries to portray.

These companies are not new start ups, but have been trading for many years.

He should be in a sound financial position from all the "good years", but has obviously just kept increasing his borrowing, more fool him.

I wonder how he got his broken arm!

I am sure he will not lose any sleep over this. There will be a nice Sunseeker going cheap soon.

I am just sorry for the small companies he has sucked in and owes money too

Edited by giveusthefacts

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I watched that programme and remember agreeing with the wife that he came across as a typical, successful, smarmy, fat greedy bloater of an agent.

Just need to scrub off successful from that list.

Could not have happened to a nicer chap ;)

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This is one of his (well, not anymore) developments, about 1 mile from where I live.

http://www.fairway-views.com/

They were building this when I first moved to Poole in 2006 and it's only just been completed.

Only 5 sold out of 14

http://www.ravine-lifestyle.co.uk/download...g_schdedule.pdf

What I would like to know is why they took so long to build them. Were they hoping to sell them before completion to provide the funding? And perhaps because they weren't selling they went on 'go-slow'.

Edited by munimula

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I went down to Poole and Bournemouth a couple of years ago -- it was "boom city" at that time.......... Every other business premises was an EA or "Property Co:" -- and it was obvious to me that this was the biggest bubble ever known.......... and that it was all heading to Armageddon. The number of "For Sale" signs was staggering - and the "prices" were simply unbelievable for their utter stupidity and unreality...........

The question really is -- How did SO MANY people fall for all this UTTER CRAP??!?? The properties are mostly Sh1tholes -- and people were paying millions for them>!??! Just to live in a glorified shoebox near the sea right in the middle of dull, unimaginative SUBURBIA??!?

All this was SOOOOOOOOOOOOOOOO predictable............

I have recently come back from a holiday in the Bournemouth area and after seeing Sandbanks I think it's massively over-hyped, the promenade was featureless with no atmosphere and the place is a lot smaller than I thought it would be. I don't understand why the sheeple have been paying insane amounts of money to live there. The place looked quite ordinary to me. I think we're going to see some startling falls in this area imo

Edited by Lander

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I have enough experience of Carr to know this isn't the end, he'll probably just buy Future 3000 back from the administrators on the cheap.

Interestingly though, there aren't that many houses for sale at Sandbanks currently. We walked along the sea front last night and IIRC only one house with a board (To Let) and a development where a block of flats has been demolished but no work has started on the build yet.

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I live close to the company's offices and see him several times a week normally. Haven't seen him recently though. I think everyone in the area with half a brain new that the company was massively over exposed. As other contributors have already said, i do feel sorry for the small firms. Can have nasty knock on effects.

While we are talking about troubled companies, i have heard unconfirmed rumours about a local chain of estate agents.

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The Daily Echo can exclusively reveal that Poole-based Ravine Lifestyle, which has eight prime sites in Canford Cliffs and Poole worth £35 million, is in the hands of administrators.

Not a very encouraging name. The kind of lifestyle I'd associate with a ravine is being trapped at the bottom with a broken leg and no food.

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Couldn't have happened to a nicer chap

He has always had an air of the corrupt and dubious about him.

I'll be forwarding that article to everyone I know down here.

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