More Akkeron Hotels in Admin

mimi wrote:

Thank you for the welcome and the warning. As a new person here I am not permitted to add web links.

However if someone could google the keywords here

Forestdale, project East, Lloyd's, costar finance etc you will find the proof and can link it to this thread.

Can he pm the mods with the web links?

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Graham Clark wrote:

Czarcasm wrote:

That's why it is extremely bizarre that Graham Clark publicly dismissed Damons notion that a Contingency Group mk2 would be needed, while in private his infamous (not)PM painted a picture that the club was perilously close to another catastrophe.

It doesn't add up. At all.

It is quite simple. I was reassured about the shorter term position including Tony Wrathall's financial support for the football club.  

Well yes, but didn't this reassurance come AFTER your (not)PM was publicised, via your phone call to Brent?

Your dismissal of Damons notion of a CG2 being needed came before that conversation with Brent, didn't it?

If your PM hadn't mistakenly been made 'public', then it's fair to say your assessment of the club situation would have remained one of great concern, wouldn't it? Which given the timeline, makes your assertion of no CG2 being needed at all, rather odd still!

Maybe he means that the AFT or PASB do the job next time up?

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FORESTDALE HOTELS LIMITED
£442,153      £-1,235,812         £2,213,027       £6,213,199
Cash                   Net Worth              Assets                 Liabilities

Current Directors and Secretaries
Current Officer Name Appointed Current Historical Total
Mr James Stephen Brent     22-12-2010 24 2 26
Mr Philip Matthew Welbourn     22-12-2010 17 1 18

Hugh Watt wrote:

Maybe he means that the AFT or PASB do the job next time up?

Correct. There is no need for an unconstitutional Contingency a Group for the reasons I outlined. The time line stands. Anyway given that Conor has just scored I am more than happy to concentrate on supporting the team in their play off efforts.

Graham Clark wrote:

Hugh Watt wrote:

Maybe he means that the AFT or PASB do the job next time up?

Correct. There is no need for an unconstitutional Contingency a Group for the reasons I outlined. The time line stands. Anyway given that Conor has just scored I am more than happy to concentrate on supporting the team in their play off efforts.

Rickler wrote:

Graham Clark wrote:

It is quite simple. I was reassured about the shorter term position including Tony Wrathall's financial support for the football club. It is a matter of public record that the club are seeking additional investment (Martyn Starnes at the Senior Greens meeting). That may or may not affect the longer term position.  

All well and good, Graham...

But the question remains...  Why didn't Brent take the steps to reassure all of us?  To be bitchy...  What makes you so special?  I think a lot of us know the answer to that.

But to be honest...  All Brent has done is throw petrol on the bonfire by basically designating you a 'superfan' and made the jobs of the PASB and AFT that much harder.

Not your fault.

Seriously...  What's the point at the moment in the PASB or AFT 'stepping up'?  They can't get a phone call returned that contains any information of any worth.  
You on the other hand....

Honestly...  Brent calling you was the biggest insult to both bodies imaginable.  It make them look worthless.

My cynical side tells me that something isn't quite adding up and whenever I hear a "let's just get on and support the team" phrase, my ears prick up.

If things get any worse it'll start to look a bit like a crisis.

GOB wrote:

My cynical side tells me that something isn't quite adding up and whenever I hear a "let's just get on and support the team" phrase, my ears prick up.

Me too.

Let's be real...

Graham, supporting the team in the play offs has no correlation with Brents recent designated plans for the club.

Even if it did...  Graham, surely you can multi task?

If the team and coaches continue to operate in the current mediocre way, we 'might' get into the play offs in this dogsh*te division. We 'might' then prevail over another poor side and reach Wembley. We 'might' then get promoted and really struggle again next season but at least there will be a few quid in the owner's personal pocket.


Meanwhile, the shambolic and self promoting Avivafest , providing cover for the reluctant one, continues unabated. Exeweb is once again littered with 'trap doors' and 'mind the gaps'. Parochial and puerile in equal measure.

'I'll never hear a bad word spoken about that man and his lovely family. Enjoy the ride and shut up !  

GOB wrote:

My cynical side tells me that something isn't quite adding up and whenever I hear a "let's just get on and support the team" phrase, my ears prick up.

Think it's the 3 monkey trick - see no evil, hear no evil, speak no evil, just watch the footy & hope!!

It's all a mystery wrapped in a haze of corporate yadda yadda. But has someones monthly direct debits not been going through to the intended receipient.

Quote :

A Non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 90 days, but this can depend on the contract terms.

“A loan is nonperforming when payments of interest and principal are past due by 90 days or more, or at least 90 days of interest payments have been capitalized, refinanced or delayed by agreement, or payments are less than 90 days overdue, but there are other good reasons to doubt that payments will be made in full” (International Monetary Fund).[citation needed]

By bank regulatory definition[citation needed] non-performing loans consist of:
other real estate owned which is taken by foreclosure or a deed in lieu of foreclosure,
loans that are 90 days or more past due and still accruing interest, and
loans which have been placed on nonaccrual (i.e., loans for which interest is no longer accrued and posted to the income statement).

Graham Clark wrote:

James Brent assured the other football club Directors, as he legally has to, that events at his hotel group(s) are unconnected with the finances of the football club, and that the football club remains as a going concern.

Is this is the public domain or did it come out of your phone call with him?

I wonder how this all effects his Oldway development (and in the longer term PCC confidence to deliver a sustainable well funded Civic Centre hotel)

Dougie wrote:

I wonder how this all effects his Oldway development (and in the longer term PCC confidence to deliver a sustainable well funded Civic Centre hotel)

I think the council should just get the demolition contractors in now, JB sounds like a spent force to me

HD wrote:

Dougie wrote:

I wonder how this all effects his Oldway development (and in the longer term PCC confidence to deliver a sustainable well funded Civic Centre hotel)

I think the council should just get the demolition contractors in now, JB sounds like a spent force to me

Was he ever a force in the real world ?

Tringreen wrote:

HD wrote:

Dougie wrote:

I wonder how this all effects his Oldway development (and in the longer term PCC confidence to deliver a sustainable well funded Civic Centre hotel)

I think the council should just get the demolition contractors in now, JB sounds like a spent force to me

Was he ever a force in the real world ?

Good point maybe it was just all smoke and mirrors plus a few gullible avivas

EDIT: sorry forgot the   

Iggy wrote:

Brent has covered his arse and can slink off anytime soon, he has trousered £450k and more recently the £900k into his pension pot, plus the £2m for Pavillions, (that might have to be paid back) but if the club fails Brent loses his £1.5m loan(unless secured) we take the points deduction and start again.
Why the f UCK weren't we listened to? Brents plan has always been underfunded pie in the sky planning asset stripping nonsense from the very beginning.
Brent's not a property developer, well you got that bang on the money porky.

Unfortunately the large flock of sheep in the fanbase will now with the play off fever burning hot, be even more inclined to turn a deaf ear to the concerns of the more informed fans - just read the Argyle comments in the Herald. James is still the 'saviour' for some.
Although even they must be wondering when is the new "top of the range" ( quote Webb on radio Devon commentary) stand going to materialise.
Really don't hope this happens of course but it might take the combination of play offs/promotion/administration to get them to wake the feck up!
  

Posted on the farm this morning

Brent-owned Forestdale Hotels collapses

Last updated: 12th Mar 2014 at 08:00am

Keyword tags: Akkeron Hotels Group, BDO, Forestdale Hotels Ltd, Plymouth Argyle, St James's Hotels inShare1

Eddie Devlin By Edward Devlin

The largest subsidiary of Akkeron Hotels, which is owned by Plymouth Argyle FC chairman James Brent, has followed other companies in the group into administration. A buyer for 14 hotels has already been secured.

Forestdale Hotels makes up almost half of the wider group's £60m turnover employing 600 staff across its venues, including hotels in Bath and Bristol. It had a stated ambition to build a portfolio of up to 150 regional hotels.

St James's Hotel Group revealed it had completed the acquisition of 14 hotels across England from administrators of Forestdale. The 14 hotels are unbranded three-star sites.

They are: Arnos Manor (Bristol), Burley Manor (Ringwood), Lyndhurst Park Hotel (Lyndhurst), Norfolk Arms Hotel (Arundel), Pratts Hotel (Bath), Southampton Park Hotel (Southampton), Wessex Hotel (Bournemouth), Stratton House Hotel (Cirencester), Roebuck Hotel (Ware), Royal Cambridge Hotel (Cambridge), Shillingford Bridge Hotel (Wallingford), Ardsley House Hotel (Barnsley), Blackwell Grange (Darlington) and Hotel Winchester Royal (Winchester).

It is understood that BDO has been appointed as administrator of Forestdale Hotels Ltd. It has yet to respond to Insider's request for a statement.

Shaun Robinson, managing director of St James's Hotels, said: "We are very excited to have acquired this portfolio and while it will require significant investment in both time and money, we believe we are well placed to maximise the potential of these well-located properties.

"This is the first of a series of acquisitions that we hope to make for St James's Hotels."

Forestdale, which had revenue of £29m in 2012, was acquired by Akkeron Hotels Group in late 2010 adding 18 hotels to its estate and taking the portfolio to 26, making it one of the largest regional hotel operators in the UK.

The deal was funded with a mixture of equity, deferred consideration and a new £32m, 18-year credit facility provided by Lloyds Banking Group.

The collapse of Forestdale follows the administrations of Akkeron Hotels Ltd, Akkeron Hotels (Admiral) Ltd and Akkeron Hotels (Corby) Ltd, revealed by Insider last week (6 March 2014). The companies account for the other £30m-plus of the group's turnover.

Akkeron was formed in 2008 by James Brent, previously global head of real estate and lodging investment banking at Citigroup. He purchased Plymouth Argyle out of administration in 2011.

The club issued a statement last week to address supporters' concerns over their finances following the initial Akkeron administrations.

Akkeron Hotels Group's issues were "entirely irrelevant", the League Two club said. "We would like to reassure our supporters that the club's finances are not under threat," Plymouth Argyle added.

"We also wish to point out that Plymouth Argyle is run separately from the other companies under the control of chairman James Brent, with its own board of directors and funding."

The club has yet to comment about the collapse of Forestdale.

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How many Hotel will ST holder have a discount for this season? Can the fan trust ask Mr Brent

The Windsor Boys enjoying the Akkeron experience in Windsor.

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Perhaps the HHP skating rink best be 'put on ice'

I mean, we all knew that the Home Park redevelopment wouldn't take place, but this kind of seals it (I was going to say 'cements' - but I don't think Akkeron know what cement is)

We tell them the way things are heading. We tell them to try to understand.

They 'sigh' and want to move on and concentrate on the football.

Then this happens   

Biggs
Post subject: Re: Akkeron administration (subsidiary)PostPosted: Wed Mar 12, 2014 11:05 am
User avatar

Joined: Sun Feb 14, 2010 7:53 pm
Location: Plymouth/London
Chancellor wrote:
This is all getting quite concerning now...

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If Argyle is a subsidiary of Akkeron which appears to be collapsing all around us, how can it be exempt from the problems within Akkeron?


Well, quite. And how can a company clearly on its knees execute and fund an 83 million redevelopment of the Pavilions, 50 million (?) rebuild of the Civic Centre as well as the 50 million HHP site?

It ain't gonna happen is it? :sigh: