Another Chelverton company in trouble
More details of the Chelverton Group Limited liquidation and its effects have emerged from several sources today.
Richmond Land UK Limited a subsidiary company of Chelverton has been put into 'solvent liquidation'. This is believed to suggest that although this company is solvent at present it may be subject to problems at Chelverton.
Richmond Land UK Limited is a partner in the ownership of Formsole, the company to whom Hereford United owe £1.3m.
Meanwhile, Chelverton’s creditors are unlikely to have more than a few pence in the pound payout. Its assets are estimated to be £665,700 and it has a deficiency of nearly £21 million. Most of the debt is described as 'inter-company debt'. It is uncertain if some of this debt is to do with Richmond Land UK.
The same director, Matthew Grant Cartisser, has signed the details for both companies. He suggests that Richmond will be able to continue trading in twelve months. “I have formed the opinion that this company will be able to pay its debts in full within a period of twelve months,” he said.
There seems little point in paying a liquidator a fee estimated to be £412,500 if one expects this company to continue.
Also, Ernst & Young, one of the liquidators of Chelverton Group Limited told HU-FC.co.uk this afternoon that 50% of Formsole was an asset of Chelverton and as such was for sale.
Hereford football fans are not the only ones watching the Chelverton situation. It seems that Simon Morgan and Chelverton are being accused of planning changes to the city of Lancaster (partly to do with the building of a new supermarket). A group of residents opposed to their plans travelled to Bristol to meet Mr Morgan at his offices last Monday but he sent his personal assistant to talk to the group whilst he allegedly stayed out of sight.
Max Hessler of Lancaster's 'Stop Chelverton' campaign said: “We have to ask questions about CR Chelverton’s ability to do this project (in Lancaster). It looks like CR Chelverton have the same people in the driving seat as the company that has gone bankrupt."
Sources close to Chelverton say that they went into liquidation after Polish projects, similar to those proposed for Lancaster, failed to meet profit targets.