Friday, June 5, 2009
Property Empire Collapses
Alan Sugar's lieutenant 'fired' from The Apprentice as £500m property empire collapses
PwC joint administrator Peter Spratt said: 'Following the well documented slowdown in the property market, the Rock board has re-evaluated its longer-term strategy and, after discussions with its lenders, has taken the difficult decision to place the company in administration.'
Posted by doomwatch @ 08:50 AM (1436 views)
8 thoughts on “Property Empire Collapses”
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crunchy says:
2. crunchy said…I heard Sugar bigging up Brown on the car radio months back and just knew something was definately not right.
Sugar may have huge exposure to property and would like to get his hands on some of the control buttons.
Sir Alan, my ar8e!
Thursday, June 4, 2009 03:47PM
Looks like the Lady in Red will be the Lady in White Transit very soon!
happy mondays says:
Brown & Sugar, Wasn’t this prophesied by the Rolling stones ? Wow, that’s freaky !
paul says:
After seeing Alan Sugar on Room 101 last night, I was pleasently surprised at how reasonably intelligent he sounded.
Then you see the people around him and how Sugar acts in public and you realize he’s just a mouthy autocratic jerkwad. He’s happy to talk about building up a business and how hard work is the only way to tru riches but then surrounds himself with people who are basically rentier capitalists like this Peter Spratt.
techieman says:
“But he ran into severe trouble after placing massive bets that troubled Lehman Brothers would recover – a week before the U.S. bank collapsed.” – well thats the problem when you put alot of eggs in one basket. Picking bottoms….
“The bets left him embroiled in litigation with spread-betting company Spreadex”, Apparently they say he didnt honour a £2m margin call. [philip green offered to pay it for him ive seen somewhere else].
and he also became subject to legal action after advising Frank Lampard, the England and Chelsea player, on a foreign exchange bet that misfired.”
“Paul Kemsley is involved in another case as well. It’s the high court action with England and Chelsea midfielder Frank Lampard. Both of them are learnt to sue Vantage Capital Management over the expiration of a dollar foreign exchange position. According to them, the activities of VCM (Vantage Capital Management) resulted into the complete breakdown of communication and they, as a fallout, missed out on tens of thousands of pounds. However, VCM is not repentant and is defending the action.”
– sounds to me that they had their position expire and were not told to roll it over (thats your own responsibility really), and it sounds like had they done they would have made some money, although that could be wrong.
All in all im not sure that the
nomad says:
This sums up the last decade nicely. He calls himself a businessman but is simply a reckless gambler.
A businessman has honorable connotations: entrepeneurship, hard work, good judgement, tenacity, trust, vision, experience, respect of the people you deal with.
happy mondays says:
@ 5 Not to mention, Ethical, Morality, for the community, Honesty,Integrity, and good looking..His definitely none of the above
techieman says:
nomad & Hppy Mondays – thats what i was just going to say when i prematurely cut myself off!… “All in all im not sure that the article shows property as his downfall per se, looks more like his spivvy nature has bit him in the ar5e”.
Im not sure a business man cant be ruthless when warranted, and also you have to take MEASURED risks based on risk/reward profiles but in general i agree with your point. Property is just one of his vehicles for that – the casino always gets you in the end…….. unless…
andrew says:
Pure vested interest, has anybody checked Alan Sugar’s property investment, he is about to loose money hand over fist as commercial propery nosedives, even more so if Labour is no longer in place to balance the whole house of cards. He should have stuck to Amstrad computers, right time right place, but after that nowhere to go after Microsoft took over. From MPs property expenses to dodgy businessmen, was there anybody that didn’t get on the property bandwagon.
Still just want to buy a house / flat for a reasonable price, nothing more.