Tuesday 26 July 2016

A perfect storm

Thanet's beleaguered UKIP council are currently finding life tough at the top. Firstly they are in danger of losing Dreamland (where they own the freehold) to receivership.
Secondly the saga of Manston airport rumbles on and yesterday they announced spending another £50K of ratepayer's money on another viability study which they say will feed into the proposed Local Plan. This despite spending £100K already.

Thirdly the latest news coming out is that Cardy will be appointing an administrator as they are likely to be looking for a buyer "Workers for Cardy Construction Ltd, based in Canterbury, report they were told to collect their tools due to a stop on works this morning." Full story here

For regular readers of this blog will know that after the 2009 Development Agreement ran out in February 2014 TDC have put their faith in Cardy buying out Shaun Keegan's ltd company SFP Ventures (UK) Ltd and this has recently occurred See here 
It seems now the carefully constructed change over has started to unwind. So where does that leave Ramsgate? And TDC?

The current situation is Cardy Ramsgate Ltd (Mike Stannard) owns SFP Ventures (UK) Ltd which in turn owns 3 leases sold for £550K by Sandy Ezekiel's Tory administration in 2009 and further to that £1M was paid to TDC as a surety. 
SFP's accounts show that just over £5M has been deposited into the company by means of director loans, so it seems likely Cardy have input some of that money (into the tombstones) and the rest by Shaun Keegan.

Has this been paid back to Keegan when Cardy Ramsgate bought out SFP?

Has the surety money (£1M) been used for the deposit to TDC?

The state of play with TDC and Cardy is explained here
So contracts may have been exchanged but the purchase of the freehold has yet to be completed so it seems Pleasurama is in the same position as Dreamland that is TDC still hold the Freehold but the leases are held by a company in financial difficulties.

What hasn't changed is there is extant planning for 107 apartments which remains on the site in perpetuity.
It is possible that a new buyer comes forward and takes over the development however if any new buyer takes over Cardy Ramsgate Ltd and decides to 1. continue the current incomplete deal with TDC 2. Decides to put in New Planning (which would trigger an expensive Flood Risk Assessment) Either way the losers are the tourist industry and by extension the people living in the area.
It was May 1998 when the Pleasurama site caught fire and in looks like the people of Ramsgate have a 20 year anniversary fast approaching without resolution of the site.

What next aliens taking over?
On the 20th July 2016 Mike Stannard, owner of SFP Ventures (UK) Ltd via Cardy Ramsgate Ltd completed on the deal with TDC by payment of approximately £3M. TDC then would have handed over the freehold and taken back the 3x199 year leases issued to Shaun Keegan in 2009.

We await a statement from TDC as to the development agreement and its long stop date. When TDC issue a statement I will update.


Anonymous said...

I believe John Davis still hasn't found the 'Covenant' Barry. So Mr Davis write a 100 times, truthwillout :)

Anonymous said...

If I understand things correctly it is Cardy Construction Ltd which appears to be in difficulties. I have not read anything regarding Cardy Ramsgate Ltd, so assume that it
is still around, still has the freehold (?), and could presumably engage a different contractor to carry out the building works...

God help us said...

Cardy Ramsgate Ltd are based in Sandwich not Wincheap. They own SFP Ventures (UK) Ltd which owns the Leases not the Freehold which TDC were about to sell them. CR ltd need to find £3M to complete on the sale

Anonymous said...

I was lead to Belive that the MP Sir Roger Gail and any of his family hashad any business intrests localiy? Is Mr Gale and/or close family members very good friends with some at SFP Ventures or is more than meets the eye?

Anonymous said...

TDC completed the deal and got their £3 millions from Cardy (or somebody) on the 20th July local press are reporting.

Anonymous said...

How 'can' I being new to the going ons in Thanet get in with the crooked Councils and local big shots to get a wack of the Easy money which seems never ending in Thanet,I'd be happy with a good drink like some get for next to nothing!.

Anonymous said...

It is concerning as to why TDC are taking so long to issue this statement. The press are reporting the £3M was paid on the 20th July. Can they not find a form of words?

Seems John Davis is alleging all sorts of shenanigans

Unknown said...

Anon 23 34 The traditional method is to join Thanet tories.

Go along to their club. Take part in the Cyril Hoser yard of ale drinking competition. And the Sandy Ezekiel darts competition. The League of St George Old Boys domino competition. Don't get huffy about the police nightshift having a lock in in there. Take yer turn watching the plod nightshift cars in case disgruntled bouncers, who have actually policed the resort, let their tyres down again. Have a footpump with you anyway as the bouncers often get through.

Have a Thanet tory joke to tell

"Cyril Hoser met Maggie Thatcher at Queens garden party. Ullo mags how they hanging gal. Wot is yer new policy doll ? Monetarism eh ? I see I see. Wot's dat den like the full SP geezer. Print less money ?? How did you get on to me and how much to keep yer quiet ?"

Then ask to be a beneficiary of the Cyril Hoser council tax arrears right off tradition.

Best of luck

Anonymous said...

Thax Mr Card I'll give that a go then offer bribes to 11% of the county and local councils,and get'If possible' a crooked local one of the chaps 'MP' to scream the house down to help ME get what belongs to someone else...If his lordship isn't to busy.

Unknown said...

Outstanding Anon 22.28 I had proffered further unsolicited guidance but it must have tested Barry's moderation criteria to blocking point.

I see that you are ready to fly solo. But please share any additional insights vis a vis advancement via Thanet tories.

In other news John Davies was unpleasant and the pope is a catholic.

Unknown said...

It is a little known fact that the Ferengi "Rules of acquisition" were inspired by Thanet tories.

Anonymous said...

Looking into my cristal ball 'eye' see a Very busy but all the time in the world local MP having to make what seems a superior movement on going forward with the área! He's off and running.

Unknown said...

If it is Roger "Running2 he knows not to take deep breaths of Thanet air. He could end up inhaling more mercury than a thermometer. AS for "He's off" I see your point.

Anonymous said...

sir Roger Gales next statement on SHP/Manston and the not so local people having a go at getting hold of land for Aero business? Will at first surprise some,but look deeper and the bubbles will poke themselves!as always.