Winsham building firm folds just before Christmas (From Chard & Ilminster News)
Welcome to KDJ Slade & Sons - Site Under Construction - KDJ Slade & Sons
Here is a recent thread from Streetlife:
Sanditon (was Fortfield Hotel) builder gone bankrupt
I see that KDJ Slade, the Sanditon main contractor, went bankrupt two days after the Estate Agent's Open Day. I pity the poor subcontractors who probably haven't been paid. i understand that the car park gates were quickly removed by a sub-contractor who hadn't been paid for them. Since they are now back in place, I assume someone has now paid up. Presumably the 24-hour security guards and dog handlers are to try and prevent other sub-contractors doing the same thing. The creditors meeting is in Ilminster on 11th December.
Streetlife | Sanditon (was Fortfield Hotel) builder gone bankrupt | Page 1
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Comments
So many poor people will be caught up in this and it may be the last straw for some small businesses.
What a terrible situation.
Fancy having moved in to a flat with 'all mod cons' and then finding you are struggling, over Christmas as well, with no heating.
Surely the financial failure in this case must make the EDDC think twice about the market for expensive accommodation in Sidmouth? I do hope someone points out to the Inspector for the Local Plan that the intention to replace employment use with residential use at the Knowle should be rethought (again) in the light of this bankruptcy.
The Knowle area would be a lovely place to live. Indeed the present residents seem to think so.
The contractor MAY have gone bust due to the fact that only about half of the flats have been sold. Usually not managing to sell what you have made causes cash flow problems.
If you can't sell expensive accommodation then there seems little incentive to build it, so I would have thought that the fact that Sanditon is half empty would make people think twice about creating more of the same.
Sanditon is very convenient for town, has a quiet location, etc,etc, and may be considered at least as desirable a place to live as the Knowle area. The one advantage the houses in the Knowle application had were very small gardens, were they going to aim these houses at families? What families can afford 'exclusive' accommodation.
Perhaps you have to have worked at running your own business to be able to comprehend the importance of a market for your products!
Hasn't it been mentioned that the main contractor went bust hibou - not the developer? The developers are called Zero C or something and they are the ones who are going to have to stump up the sheckles.
I don't know the law when buying new flats, but several people seem to have moved in before KDJ Slade left the site, so whether they are secure or not goodness knows. I suppose it depends on the "Design & Build" contract that Slade had with ZeroC as to which of ZeroC or the Administrator of KDJ Slade's insolvency now has control of Sanditon flats to sell.
I don't expect anyone to know the answer :-)
Whatever, I still think it is a sign of EDDC's lack of business experience which leads them to imagine a demand which does not appear to exist.
I do hope Martin and Lane are not destroyed by this, they have done carpets for us and I have found them friendly and reliable; and it is a family business.
http://www.sanditon.co.uk/available-new-homes-sidmouth-sanditon
Of 30 apartments there are 10 unsold and 3 reserved; unless they are making a 30%+
profit then there must be financial problems in there.
I know interest rates are very low but again it comes down to cash flow.
The problems will be snagging and if they decided to cut corners when money became tight. Correcting faults and snags - that all new homes have.
Shame because people are going to loose jobs and firms loose money and the knock on effect.
I am sure it will be alright in the end like Belvedere Court. I think those flats look good. Similar thing arose.
I find this twisting of speculation remarkable in trying to lay the blame at the feet of the district council.
This development has been beset with problems from the start to finish.
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I think that the lack of demand which is shown by the apartments not selling should be considered by the EDDC when deciding that Sidmouth needs more housing in the 'expensive' category.
Nowhere have I stated or implied that the EDDC are in any way implicated in Slade's bankruptcy; that would clearly be a stupid thing to think.
It may well be the case that all the apartments will sell by the middle of next year, when viewers are attracted by the better weather.
Who knows?
We can only speculate ...................