More Akkeron Hotels in Admin

Where ADT goes the Herald follows

Fourth company run by Plymouth Argyle chief James Brent goes into administration


ANOTHER of Plymouth Argyle supremo James Brent’s companies has gone into administration – the fourth this year.

Forestdale Hotels Limited and Subsidiaries was a subsidiary of Akkeron Hotels Group, the company owned by Argyle chairman Mr Brent.

The Forestdale Hotels group, which comprised eight smaller companies, has now been bought by St James’ Hotel Properties Limited, preserving over 550 jobs in its 14 hotels.

Forestdale’s administration followed that of three other Akkeron Group companies since the start of 2014.
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Last week, The Herald revealed how Barinbrook Ltd, formerly known as Akkeron Hotels (Admiral Limited), and Barinbrook (Central) Limited had gone into administration.

Just last month Rosford Management Ltd, previously known as Akkeron Hotels Ltd, went into administration.

Mr Brent has yet to issue a statement about Forestdale.

Business restructuring partners BDO LLP was appointed administrator over Forestdale and quickly secured its sale including hotels in Bath, Cambridge, Bristol, Winchester and the Cotswolds.

Kim Rayment, BDO business restructuring partner, said: “We are pleased to have concluded the sale of the majority of the business and assets of the group, preserving over 550 hotel jobs.

“The sale was the best option to secure the future of the business, enabling it to move forward confidently and on a secure financial footing.”

Forestdale, which had revenue of £29million in 2012, was acquired by Akkeron Hotels Group in late 2010 in a deal funded with a mixture of equity, deferred consideration and a new £32million, 18-year credit facility provided by Lloyds Banking Group.

Akkeron was formed in 2008 by Mr Brent, previously global head of real estate and lodging investment banking at Citigroup.

He purchased Plymouth Argyle out of administration in 2011 and has announced a scheme to develop the club’s grandstand, creating a leisure centre anchored by a major cinema at Higher Home Park.

He has also announced plans to transform the Civic Centre into a major hotel and redevelop land around the Plymouth Pavilions.

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The hope would be that the herald put some meat on the bones on the bare facts of the story.

I am nowhere nearer understanding the situation or how it might/not affect Argyle.

Surely a business editor would have some insight without making it a comment piece.

The Herald is very light on investigative journalism I'm afraid. At best it is just a vehicle to relay in a factual way information about local happenings or at worst - as we have seen - it serves as a PR machine for the 'great and the good'. I would expect no better than this from them.

Copied from the mins of The Friends of Central Park meeting last night at the Goal center


AOB:


Akkeron it was suggested have pulled out of Civic Centre.  No real news, just watch this space as there is lots of speculation.  

Hidden Heritage to be put in contact with John P Hodgson on Face Book as he has information on Tunnels and under ground areas in the park.  John had some interesting information that he shared with the group on dates and entrances to these tunnels.  

Sports pitches:  Questions rose as to what’s required to drain phase 1 of sports pitches?

Also some are asking why spoil heap behind bowling area has been left there as it was supposed to be removed?  We do know that someone outside of the group is taking action on this so will keep everyone informed of any new information.


We did look at changing the venue to The Cherry Tree, but they have refurbished (very nicely) and no longer have a back room!!
Next meeting booked for:

Tuesday 22nd April 2014, 7pm at Goals
(unless we find a new free venue any ideas?)

Please note the date is later because of Easter and will focus on preparation for the AGM and officers required.

Reminder:  AGM is on Tuesday 20th May

Also note from minutes:
Tidy Team:  Wednesday 19th March at 10am at the Golf Hut
Wednesday 19th March Talk on Elm Trees, 7pm Babbage 416 (Plymouth University).

How about the new Hyde Park pub? And could notices be put up at strategic points in the park publicising your existence and meetings.

Dingle wrote:

How about the new Hyde Park pub?  And could notices be put up at strategic points in the park publicising your existence and meetings.

Mins TFoCP

Introductions and welcome:  

We were thrilled that someone had come as a direct result of a notice on the notice board at the clock tower, as they walked in the park

Hyde Park pub, Not sure they have spare room, I heard they only have the ground floor.

Comfirm

Quote

The company has been leased the property and is in the midst of refurbishing. Sormoss’ original plan to turn the top two floors into mansion flats remains intact.

The requirement is to retain the ground floor as a pub,” Mr Reip said. “That is the result of the council’s action in listing it.

“We are hoping to go down a mirco-brewery route selling real ales and brewing our own.

Former landlord Mr Bowen, who now runs the Stoke Inn, said the loss of the top floors to make way for residential flats would effect how the community use the venue.

“The first floor had a function room and that will be lost. I used to have the Friends of Ford Park Cemetery, the Friends of Central Park and all sorts of community meetings up there,” he said.

Read more: [You must be registered and logged in to see this link.]

Tgwu wrote:

Copied from the mins of The Friends of Central Park meeting last night at the Goal center


AOB:


Akkeron it was suggested have pulled out of Civic Centre.  No real news, just watch this space as there is lots of speculation.  

Hidden Heritage to be put in contact with John P Hodgson on Face Book as he has information on Tunnels and under ground areas in the park.  John had some interesting information that he shared with the group on dates and entrances to these tunnels.  

Sports pitches:  Questions rose as to what’s required to drain phase 1 of sports pitches?

Also some are asking why spoil heap behind bowling area has been left there as it was supposed to be removed?  We do know that someone outside of the group is taking action on this so will keep everyone informed of any new information.


We did look at changing the venue to The Cherry Tree, but they have refurbished (very nicely) and no longer have a back room!!
Next meeting booked for:

Tuesday 22nd April 2014, 7pm at Goals
(unless we find a new free venue any ideas?)

Please note the date is later because of Easter and will focus on preparation for the AGM and officers required.

Reminder:  AGM is on Tuesday 20th May

Also note from minutes:
Tidy Team:  Wednesday 19th March at 10am at the Golf Hut
Wednesday 19th March Talk on Elm Trees, 7pm Babbage 416 (Plymouth University).

There are a few more twists and turns to come yet I think.

Why am I not surprised in today's world. It serves the Council right for putting all their eggs into this particular basket. James Brent hasn't laid a golden egg for anyone else since he left school. Quite the opposite in fact. The guy hasn't got it. He's not an "entrepreneur" or a developer, just another one of that executive class that find themselves siphoning huge money from corporations purely depending on the ups and downs of the marketplace. He's playing at it and losing. Hardly surprising for someone who admits he makes mistakes every day.

I really don't think he's that bright and is a perfect example of priveleged and connected children being allowed to play with things they're not qualified for. It's all so English.

Winter Green wrote:

Why am I not surprised in today's world. It serves the Council right for putting all their eggs into this particular basket. James Brent hasn't laid a golden egg for anyone else since he left school. Quite the opposite in fact. The guy hasn't got it. He's not an "entrepreneur or a developer. He's playing at it and losing. Hardly surprising for someone who admits he makes mistakes every day.

I really don't think he's that bright and is a perfect example of priveleged and connected children being allowed to play with things they're not qualified for. It's all so English.

Do you know Penz, that's been exactly my belief for sometime and that is the perfect example to illustrate the point.

Anybody that so readily listens to the likes of ponderous motorway Newell, and chooses to ignore all the warnings given him has got to be a bit dense somewhere.
I assume the Council just saw former global head of real estate, and opened their legs, like they always do, Red or Blue, it's a Plymouth thing, a Navy thing. It's in the blood.
Some flim flams involve £10, others millions. Who remembers that other executive Johnny turned entrepreneur and saviour of the planet, John De Lorean ? How much did he walk away with ?

I was not at TFOCP meeting last night (Clutch on car gave out) I was wondering where they gain the info from, sometime you have Councilors or Council officer at these meetings.

Tgwu wrote:

Forestdale, which had revenue of £29million in 2012, was acquired by Akkeron Hotels Group in late 2010 in a deal funded with a mixture of equity, deferred consideration and a new £32million, 18-year credit facility provided by Lloyds Banking Group.

So he bought a business with a £29m revenue without actually paying any money - funded by equity and credit - and 2 years later it's in administration.

Some might say incompetence.

From the Argyle f/b group from which I was barred after one comment.

The Aviva mentality in all its gory !

Darren Weeks
So another one of James brents companies as gone into administration the fourth company this year how long before we start to worry being argyle fans about are great club
Like · Share · 4 hours ago
4 people like this.

Josh Mcgrath I think we will be ok darren looks like there are things I force
4 hours ago · Like

Duncan Brace I imagine its some sort of restructuring going on.
4 hours ago · Like · 2

Darren Weeks Only hope u r right we gone through enough shit dint want anymore when things r goin well on the pitch
3 hours ago · Like

Duncan Brace Very true, we have had more than our fair share.
3 hours ago · Like · 1

Nikki Goodman I think he's doing it as investing more into argyle tbh but can see the worry
3 hours ago · Like

Josh Mcgrath Just read the full article on this. Realised that Plymouth as a city has a lot riding on with James Brent so my opinion and yea just an opinion is that PCc will not let him fail
3 hours ago · Like

Winter Green wrote:

Anybody that so readily listens to the likes of ponderous motorway Newell, and chooses to ignore all the warnings given him has got to be a bit dense somewhere.
I assume the Council just saw former global head of real estate, and opened their legs, like they always do, Red or Blue, it's a Plymouth thing, a Navy thing. It's in the blood.Some flim flams involve £10, others millions. Who remembers that other executive Johnny turned entrepreneur and saviour of the planet, John De Lorean ? How much did he walk away with ?

Steady on, I did 32 years in the Royal Navy and I wouldn't open my legs in that manner, well ok, if she is blonde and foxy I'm pretty easy   

Winter Green wrote:

Anybody that so readily listens to the likes of ponderous motorway Newell, and chooses to ignore all the warnings given him has got to be a bit dense somewhere.
I assume the Council just saw former global head of real estate, and opened their legs, like they always do, Red or Blue, it's a Plymouth thing, a Navy thing. It's in the blood.
Some flim flams involve £10, others millions. Who remembers that other executive Johnny turned entrepreneur and saviour of the planet, John De Lorean ? How much did he walk away with ?

I don't think he is totally dense, he's just using toolnooly, but Brent is typical of these middle class posh boys, just like the careerist MPs that have never had a proper job, not even a paper round, they just play at being important as you say with other peoples money and lives, mobile wrecking machines who are never affected or out of pocket, in fact quite the opposite, I detest these people, they're the greediest 5% of society.

I never knew our Councilors has been pocketing a council pension, Mind you it is going to be stopped

its law now to be enrolled on a pension scheme at your place of work, by your employer. how are the councils going to get around that one i wonder?

Mapperley, darling wrote:

its law now to be enrolled on a pension scheme at your place of work, by your employer. how are the councils going to get around that one i wonder?

It is their expenses that they claim their pension on, not pay

am i reading this correctly? council employees claim a pension fund from their expenses? therefore higher expenses = bigger pension pot?
thats shocking if so.. leaves employees in a quandary of whether to claim expenses legitimately or to 'be creative' and screw the council tax payer. where do you stand on this hairy?

Tringreen wrote:

Nikki Goodman I think he's doing it as investing more into argyle tbh but can see the worry
3 hours ago · Like

  

  

Feck Me

Han Solos Other Ship wrote:

Tringreen wrote:

Nikki Goodman I think he's doing it as investing more into argyle tbh but can see the worry
3 hours ago · Like

  

  

Feck Me

Nool just wants to talk and banter about the football, like he does with James but only with praaaaper faaaaans.

Eeee knows nothing about anything else.

Positioning himself ready for probable big changes ?

All of us all putting our fingers in our ears and chanting "la la la can't hear you" is exactly what he wants. He already will have his speech ready for when Brent does one on him.

"Oim oooooonisyly az buggered az yew iz moi ansum. 'Eeee pulled the wull ova aaaaaaallll ov uz innit"

Mapperley, darling wrote:

am i reading this correctly? council employees claim a pension fund from their expenses? therefore higher expenses = bigger pension pot?
thats shocking if so.. leaves employees in a quandary of whether to claim expenses legitimately or to 'be creative' and screw the council tax payer. where do you stand on this hairy?

It is the Councilors, they receive a pension just for expense, the bigger the expenses claim the bigger their pension, but it coming to a end the Government is to stop it.

take with one hand and lay the door open with the other. i note that some ex cabinet tory is moaning that too many people pay the 40% income tax. what more can they find to feck over the small guys.
RIOT!

Cerbera wrote:

PAFC LTD is a totally separate company to Akkeron LTD. How do you come to the conclusion that PAFC will go into admin if Akkeron fails? Just because both companies share the same Chairman is the only common ground. There is no financial tie between the two.

You comment is akin to Peugeot going bust and it affecting Ford.

Some people on here know Mr Cerbs I believe.

Is he as thick as he types?