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Monday, 15 August 2016

Cardy Administrators Named. What Future Ramsgate Pleasurama?


According to the London Gazette administrators RSM Restructuring Advisory LLP were appointed on Friday 12th August to oversee the affairs of struggling Canterbury based  Cardy Construction Ltd. Their priority will be to be try generate enough money through sales of  assets etc. to pay off the company’s creditors – an amount rumoured to be over £1million. The administrators are required to produce a report detailing the debts owed by the company and how much creditors are likely to be paid within the next six week or so. This report will be published on the Companies House website.
In a separate development Cardy Construction’s sister company Cardy Healthcare Limited is almost a month overdue in submitting its annual confirmation statement to Companies House. Is this delay a sign of yet further troubles for the struggling Cardy Group?

Uncertainty about the future of the Cardy empire raises the question what next for the Ramsgate Pleasurama development?  A spin off Cardy branded company, Cardy Ramsgate Limited, purchased the freehold of the Pleasurama site from Thanet Council in July for a reported £3million. An offshore Panamainian company Mintal Group Inc, believed to be owned by the funder of the previous Pleasurama developers Colin Hill, is thought to have lent Cardy Ramsgate the money to purchase the Pleasurama site. Documents published on the Companies House website  show the  that Mintal Group Inc has secured 2 charges against the freehold of the Pleasurama site in exchange for unspecified loans to Cardy Ramsgate.
Cardy Ramsgate was set up in March 2015  and is controlled by Michael Stannard its sole director.  Stannard is also a director of Cardy Construction Limited, Cardy Healthcare Limited, Cardy Design and Build Limited, Cardy Canterbury Limited and Cardy Group Holdings Limited. Although Cardy Ramsgate does not appear to be part of the Cardy group of companies questions must be asked about the behaviour of its director, Michael  Stannard.  On 20th July Stannard, in his capacity has the sole director of Cardy Ramsgate,   signed  the loan documents which  gave the Mintal Group a charge on the freehold of the Ramsgate Pleasurama site. Within 5 days of these documents being signed Cardy Construction Limited (of whom Stannard is the managing director) announced  that it was  seeking administration and proceeded to lay off a reported 200 staff from sites across Kent and further afield.
So why did Stannard want to purchase a large plot of land using what appears to be money borrowed from an offshore Panamainian company, when he almost certainly knew that Cardy Construction, who would presumably have been  asked to build the Pleasurama project, was facing insolvency. It simply doesn’t make sense to me. Not that I am suggesting any illegality, but something doesn’t smell right about these developments.

5 comments:

  1. TDC had an agreement with Cardy Construction to buy the lease to avoid a lawsuit from SFP Ventures so I guess TDC took legal advice before selling to Cardy Ramsgate.
    So Ramsgate can look forward to a blighted seafront for another dozen years unless of course in a few years time whoever is running TDC can put up with it no more and can find the cash to buy back the lease for a sum far greater than the selling price. Then a pleasant attractive sea front can be developed. It may take a while until TDC gets clear of the drain on the cash it has had to payout in the last few years.

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  2. Anon 15 37 I think TDC sold the Freehold. It would now be in Colin Hill interest if the cliff collapses. TDC have to repair it. When they do so the value of Mr Hill property grows. He has outplayed TDC at every stage. But TDC own the cliff face and over the decades there is only one way that is going. Deeper into TDC land.

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  3. 15:37 rather strange TDC doing deals with SFP offshore? SFP is just Terry Painter and his handyman Keegan isn't it?

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  4. £8M for Ramsgate Fire station and no swimming pool good value?

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  5. Why on earth are we spending £8M on a fire station - the existing one has lasted over 100 years

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