Where's all the money gone?
- Thread starter Micalijo
- Start date
All advertisments are hidden for logged in members, why not log in/register?
Nick Jansky
Well-Known Member
Acquisition By Scarborough Group
This news has just broken.....
KEVIN McCabe's property group Scarborough Group International has bought the business and assets of a number of companies in the collapsed Modus portfolio in a £37m deal.
Scarborough Development Group, a subsidiary of SGI, has stepped in to acquire the business and assets of Modus Properties and seven other Modus companies.
Tom Jack and Simon Allport, of Ernst & Young, were appointed joint administrators of 15 companies in the Salford-based Modus Group last June.
Mr Jack said: "This is a significant deal to have completed, particularly given the current challenges in the property market for developers and investors.
“The sale will ensure commercial, retail and leisure schemes will now be completed in a number of key locations, including the North West and Wales.”
SGI is one of the UK’s leading property development, investment and leisure companies and is owned by Yorkshire entrepreneur Mr McCabe.
Ernst & Young was advised by DLA Piper, led by Patrick Duffy, Tom Kelsall and Peter Somekh.
Accountancy firm Ernst & Young was appointed to the companies last year following the collapse into administration of the group company Modus Ventures.
The banking group Investec has committed £37m to seven of the companies. Administrators expect it will suffer a shortfall on its investment.
Salford-based Modus, led by Brendan Flood, rapidly acquired a large portfolio of development sites but the group began to unravel when one of its lenders, HBOS, called in a loan to Modus Ventures. The group was unable to pay so the bank appointed administrators.
Six other companies have been dissolved, while KPMG is handling the administrations of six other Modus companies that were set up to handle shopping centre sites.
The Modus empire began to unravel last March when its £200m Trinity Walk shopping centre scheme in Wakefield, a joint venture development with South Africa's CIREF, was placed in administration with KPMG. The scheme is subsequently back on track.
Then on May 18, KPMG was also appointed to the administrations of Modus Properties (Wigan) and Modus (Wigan) - which operate the town's Grand Arcade shopping centre.
The administration of Modus Ventures, which controlled a group of more than 40 companies, followed at the end of May. And at the beginning of June KPMG was again appointed to Modus Corovest (Blackpool) which operated the Houndshill Shopping Centre in Blackpool.
This news has just broken.....
KEVIN McCabe's property group Scarborough Group International has bought the business and assets of a number of companies in the collapsed Modus portfolio in a £37m deal.
Scarborough Development Group, a subsidiary of SGI, has stepped in to acquire the business and assets of Modus Properties and seven other Modus companies.
Tom Jack and Simon Allport, of Ernst & Young, were appointed joint administrators of 15 companies in the Salford-based Modus Group last June.
Mr Jack said: "This is a significant deal to have completed, particularly given the current challenges in the property market for developers and investors.
“The sale will ensure commercial, retail and leisure schemes will now be completed in a number of key locations, including the North West and Wales.”
SGI is one of the UK’s leading property development, investment and leisure companies and is owned by Yorkshire entrepreneur Mr McCabe.
Ernst & Young was advised by DLA Piper, led by Patrick Duffy, Tom Kelsall and Peter Somekh.
Accountancy firm Ernst & Young was appointed to the companies last year following the collapse into administration of the group company Modus Ventures.
The banking group Investec has committed £37m to seven of the companies. Administrators expect it will suffer a shortfall on its investment.
Salford-based Modus, led by Brendan Flood, rapidly acquired a large portfolio of development sites but the group began to unravel when one of its lenders, HBOS, called in a loan to Modus Ventures. The group was unable to pay so the bank appointed administrators.
Six other companies have been dissolved, while KPMG is handling the administrations of six other Modus companies that were set up to handle shopping centre sites.
The Modus empire began to unravel last March when its £200m Trinity Walk shopping centre scheme in Wakefield, a joint venture development with South Africa's CIREF, was placed in administration with KPMG. The scheme is subsequently back on track.
Then on May 18, KPMG was also appointed to the administrations of Modus Properties (Wigan) and Modus (Wigan) - which operate the town's Grand Arcade shopping centre.
The administration of Modus Ventures, which controlled a group of more than 40 companies, followed at the end of May. And at the beginning of June KPMG was again appointed to Modus Corovest (Blackpool) which operated the Houndshill Shopping Centre in Blackpool.
Nick Jansky
Well-Known Member
Houso
Well-Known Member
- Joined
- Aug 12, 2009
- Messages
- 6,420
- Reaction score
- 11,553
- Thread starter
- Banned
- #5
Disappointing for me that Realty isn't in a position to buy properties like this on the relative cheap from administrators. I assume this is not anything to do with the SUFC/Scarborough joint venture but even so it is a good sign and anything that produces income for Scarborough has to be good for United I think.
shreds1975
Member
Brendan Flood is a director of Burnley and a lot of ground improvements were planned following him getting involved there. These were put on hold "due to the recession".
B
Bramley
Guest
Never heard of Modus, but good news things are picking up.
GRUMPY BLADE
Well-Known Member
Just a bit more than Strap-on's £3M then.
for any pigges coming on here to browse.
for any pigges coming on here to browse.
Cheshire Cat
Active Member
Given that the property is in Salford, I wonder whether Brendan is any relation to Dougie Flood - who owned night clubs and hotels in and around Manchester. Some very interesting and scary stories about him for anyone willing to Google him.
http://www.dailymail.co.uk/news/article-1061141/Siblings-battle-14million-inheritance-father-leaves-lions-share-youngest-son.html
Similar threads
All advertisments are hidden for logged in members, why not log in/register?