'We haven't had a penny for the work' Firms lose out after collapse of housebuilder.Byline: Katie Norman SMALL businesses have been left furious after losing thousands of pounds with the collapse of a luxury housebuilder. Firms have been left out of pocket after they were contracted to build upmarket up·mar·ket adj. Appealing to or designed for high-income consumers; upscale: "He turned up in well-cut clothes . . . and upmarket felt hats" New Yorker. flats and houses for the development group Meadgate, which went into administration earlier this month. The group, which had debts of nearly pounds 36m, was purchased by River7 Homes, based at Priory House, Usk. Its developments included Gwern Hafren in Severn Grove, Pontcanna, Cardiff, and Balmoral Quay QUAY, estates. A wharf at which to load or land goods, sometimes spelled key. 2. In its enlarged sense the word quay, means the whole space between the first row of houses of a city, and the sea or river 5 L. R. 152, 215. Apartments on Penarth seafront. Meadgate customers who paid deposits on new properties will have their agreements honoured by River7 Homes. But creditors owedatotal of pounds 4m will receive nothing. One South Wales South Wales south n → sud m du Pays de Galles businesswoman, who asked not to be identified, said her small firm was owed more than pounds 50,000 by Meadgate for services to help construct its properties. She said: "All the work is finished and we haven't received a penny." River7 Homes directors Jeffrey Taylor and Martin Taylor Martin Taylor could refer to:
Meadgate group's numerous property development companies received funding from a company called Aurelian Property Finance, a number of whose directors were also on the board of Meadgate Western. The price paid by River7 Homes for the assets of the Meadgate group of companies has not been disclosed, but was short of the pounds 31.5m owned to secured creditor One who holds some special monetary assurance of payment of a debt owed to him or her, such as a mortgage, collateral, or lien. Aurelian. As a result, the unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. creditors to Meadgate will not receive the money they are owed. The woman who spoke to the Echo said: "We're only small businesses. "There's one lad, a young carpenter, he's owed pounds 120,000. "He could lose his home because of this." She said many creditors had consulted solicitors, but were told they could not recover their losses. She said: "Our business will get through this but losing this sort of money makes it hard for us to get by. "We will have to take out an extra mortgage or something. "We are really sore about it because it's a lot of money but we're trying to forget about it now. "You go to bed and lose sleep over it but there's nothing you can do." Rob Lewis and Derek Howell, of Price waterhouse Coopers, were appointed as joint administrators over a number of companies in the Meadgate Group. Mr Lewis said: "The Meadgate Group has suffered substantial losses in recent times, which have been further compounded by the general slowdown in the residential property market. "However, we are pleased to have been able to secure the future of current site developments by negotiating an early sale of the group's property assets." katie.norman@mediawales.co.uk |
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