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Flats firm goes under
12:15pm Thursday 24th January 2008
ADMINISTRATORS have been called in at a Bolton developer.
CLH Holdings and CLH Limited, based in Clive Street in the town centre, have gone into administration after lenders called in funding earmarked for a £12 million apartment development in Manchester.
The companies had won approval to build 72 apartments at The Glassworks in Manchester's Northern Quarter. All of the flats had been pre-sold.
Bolton-based Tenon Recovery has been appointed as the administrator, which will now seek buyers for the apartment site.
Matthew Bowker and Chris Ratten from Tenon have been appointed joint administrators.
Mr Bowker said: "CLH Holdings Ltd and CLH (Manchester) Ltd had received planning permission for a high quality, £12 million multi-purpose development.
"A combination of significant development issues, escalating building costs and a loss of market confidence caused funders to call in the debt."
He added: "It would be wrong to believe that CLH will be the last or largest property related casualty of 2008.
"The UK's commercial property sector is under pressure, and this will only increase as lenders review the value of their portfolios."
Dr Teresa Lunati, senior lecturer in economics at Bolton Business School at Bolton University, said: "I'm not familiar with this particular case but certainly there is a loss of market confidence at the moment.
"What started in America last August with banks and financial institutions being hit because they had given mortgages to people who could not afford them, has had serious affects, particularly this week.
"The housing market is starting to be shaken, with decreases in the value of assets and the construction industry is facing quite a serious problem.
"So while this company going into administration saddens me, it does not surprise me and we could see quite a few cases like this in the coming months."
Your Say Yourtheboltonnews
tosh, says...
12:34pm Thu 24 Jan 08
Ed Stirling, Westhoughton says...
12:59pm Thu 24 Jan 08
Developers/BTLetters with bad business plans and excessive debt leverage, all based on the belief that property can only go up in value.
Well, we reached unsustainable levels some time ago.
It has to be said the frenzy has not been helped by Bolton Council's complicity in allowing all these developments (the sink estates of tomorrow?) and 'encouraging' the brownfield creation that's going on (Greenfields Social Club in Westhoughton the latest example).
UDP planning targets have been completely ignored.
The days of easy credit, liar loans, unvetted self-cert and interest only mortgages are over.
Watch out for more of the same - developers, estate agents going to the wall, cheap BMW minis for sale... and cheaper property.
This return to reality needs to happen. And is long overdue.
anon, says...
1:08pm Thu 24 Jan 08
Ed Stirling wrote:GREAT!!! So now i'll be able to get my foot on the property ladder. I have been renting for over 3 years now i might have a chance to get a home of my own... depending if Banks will let me have a mortgage!
And so it begins... The bursting bubble. Developers/BTLetters with bad business plans and excessive debt leverage, all based on the belief that property can only go up in value. Well, we reached unsustainable levels some time ago. It has to be said the frenzy has not been helped by Bolton Council's complicity in allowing all these developments (the sink estates of tomorrow?) and 'encouraging' the brownfield creation that's going on (Greenfields Social Club in Westhoughton the latest example). UDP planning targets have been completely ignored. The days of easy credit, liar loans, unvetted self-cert and interest only mortgages are over. Watch out for more of the same - developers, estate agents going to the wall, cheap BMW minis for sale... and cheaper property. This return to reality needs to happen. And is long overdue.
Tubby Scruff, says...
1:30pm Thu 24 Jan 08
Most domestic housing stock I believe is 35-50% overpriced, brought on by greed, unscrupulous agents and institutions.
In fact compare like for like prices in other areas to Bolton, you'll soon see the difference and "proof" for yourself.
Good Luck !
Disgusted, Tunbridge Wells says...
1:56pm Thu 24 Jan 08
gabon, bury says...
2:46pm Thu 24 Jan 08
See hains gone as well
many more to follow from this lying spin filled leeches,
Rocky, Bowton says...
5:14pm Thu 24 Jan 08
Tubby Scruff wrote:Indeed .
He added: "It would be wrong to believe that CLH will be the last or largest property related casualty of 2008.
Well said Mr.Bowker, it goes against what "others" will tell us.I know who I will be betting on for an acurate overview of the impending year(s).
Thankfully, our company sold off it's portfolio of commercial property last year.
Andrew would you like to comment?
Thought not!!!!!!!!!!!
Rocky, Bowton says...
5:17pm Thu 24 Jan 08
gabon wrote:ERM I've been predicting a market crash since 2005/6
Another step towards Sun Tzu predictions it wont be long now,
See hains gone as well
many more to follow from this lying spin filled leeches,
I told my Boss to sell his second home.
Luckily ours are paid for.
parishner, bolton says...
5:30pm Thu 24 Jan 08
lic transport have you seen our railway station/stinks of urine and full of knobs/imagine calling the fire brigade and, the fire rolls on/no arrival /thats bolton council
cedric, bolton says...
6:37pm Thu 24 Jan 08
He added: "It would be wrong to believe that CLH will be the last or largest property related casualty of 2008.
Good. I look forward to seeing plenty of property developers and estate agents going bust. These hucksters have had it too easy for too long.
Whos Daddy, f/w says...
6:52pm Thu 24 Jan 08
parishner, bolton says...
6:58pm Thu 24 Jan 08
Whos Daddy wrote:WHAT IS THIS,GARBAGE??????
dr teresa lunati is crackd. she h8s bein cald miss by her students nt even by mistake, she is one crap lecturer n cnt explain to save her life.............
Rocky, Bowton says...
6:59pm Thu 24 Jan 08
Whos Daddy wrote:Her English lessons musn't be very good either!
dr teresa lunati is crackd. she h8s bein cald miss by her students nt even by mistake, she is one crap lecturer n cnt explain to save her life.............
Rocky, Bowton says...
7:02pm Thu 24 Jan 08
parishner wrote:Don't worry Parishner
Whos Daddy wrote:WHAT IS THIS,GARBAGE??????
dr teresa lunati is crackd. she h8s bein cald miss by her students nt even by mistake, she is one crap lecturer n cnt explain to save her life.............
I have a garbage translator from Bletchley Park.
gabon, bury says...
7:09pm Thu 24 Jan 08
Cant remember what he said but he recons ite kool man and aint nuffin to werry aboot.
Translated you have nothing to worry about,
And they say kids are bright,
??????????????????
Rocky, Bowton says...
7:13pm Thu 24 Jan 08
Too much sunny D me thinks
Sun Tzu, says...
7:42pm Thu 24 Jan 08
Rocky wrote:Yeah and I've been predicting it since 1995/6
gabon wrote:ERM I've been predicting a market crash since 2005/6
Another step towards Sun Tzu predictions it wont be long now,
See hains gone as well
many more to follow from this lying spin filled leeches,
I told my Boss to sell his second home.
Luckily ours are paid for.
Sun Tzu, says...
7:48pm Thu 24 Jan 08
Anon wrote
GREAT!!! So now i'll be able to get my foot on the property ladder. I have been renting for over 3 years now i might have a chance to get a home of my own... depending if Banks will let me have a mortgage!
Wait until the market bottoms out or you will be condemning yourself to the negative equity trap.
Rocky, Bowton says...
9:02pm Thu 24 Jan 08
Ill get my cash ready so I can make a mint.
Whos Daddy, f/w says...
1:25am Fri 25 Jan 08
Whos Daddy wrote:listen matey its called slang and if its bothering you so much to read it then dont. no is askin for your opinion. her english is ok but her italian accent makes it barely understandable.
dr teresa lunati is crackd. she h8s bein cald miss by her students nt even by mistake, she is one crap lecturer n cnt explain to save her life.............
emma, bolton says...
10:01am Fri 25 Jan 08
Rocky wrote:Just an observation Rocky.
Sun in your infinate wisdom when will that be . Ill get my cash ready so I can make a mint.
The other day you said you and your wife have jobs in which you both pay over a 1000 pound a month in tax. You earn 35 pound an hour in this job whilst on here typing away all day (your words)
The wife then became a fiancee in another thread.
You have two homes that are paid for, but still choose to live in a country you seem to detest and do nothing but call?
Next you'l be telling us the fiancee a 6 foot blonde with size dd boobs who gives you oral sex every morning before youve even opened your eyes!
emma, bolton says...
10:08am Fri 25 Jan 08
anon wrote:Watch out for Rocky, hes going to buy a repossesd house and try and rip folk off like you.
Ed Stirling wrote: And so it begins... The bursting bubble. Developers/BTLetters with bad business plans and excessive debt leverage, all based on the belief that property can only go up in value. Well, we reached unsustainable levels some time ago. It has to be said the frenzy has not been helped by Bolton Council's complicity in allowing all these developments (the sink estates of tomorrow?) and 'encouraging' the brownfield creation that's going on (Greenfields Social Club in Westhoughton the latest example). UDP planning targets have been completely ignored. The days of easy credit, liar loans, unvetted self-cert and interest only mortgages are over. Watch out for more of the same - developers, estate agents going to the wall, cheap BMW minis for sale... and cheaper property. This return to reality needs to happen. And is long overdue.GREAT!!! So now i'll be able to get my foot on the property ladder. I have been renting for over 3 years now i might have a chance to get a home of my own... depending if Banks will let me have a mortgage!
Ed Stirling, Westhoughton says...
10:45am Fri 25 Jan 08
Yeah and I've been predicting it since 1995/6
Probably a bit premature... the last crash started in 1990 and things only picked up from 96/97. (Though usually your assessments are pretty good.)
This crash should have happened in 2005 when interest rates were set lower than they should have been. The bubble grew... the consequences for this crash are greater.
If past experience is anything to go by... the downturn could last 4-5 years. It is certainly not wise to be paying top wack for property or rushing into decisions.
Those (speculators) talking about buying up property have to either borrow (credit tighter) or sell up to release illiquid assets (houses) in a falling market. So expect much bravado from people financially caught up in this mess and dependent upon it for their lifestyle.
The party is over!
Emma to Rocky
Next youll be telling us the fiancée a 6 foot blonde with size DD boobs who gives you oral sex every morning before youve even opened your eyes!
My kind of girl :)
Your sayYourtheboltonnews
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Tubby Scruff, says...
12:23pm Thu 24 Jan 08
Well said Mr.Bowker, it goes against what "others" will tell us.I know who I will be betting on for an acurate overview of the impending year(s).
Thankfully, our company sold off it's portfolio of commercial property last year.