Things I know and things I don't

I know that over the past 14 years vast sums of money have been spent on land, and vast sums of money have been received. Most of this land was, and where I can check, still seems to be mortgaged to the hilt. Land has been released from mortgage, sold, then remortgaged to the hilt again. Mortgages are taken out, paid off, replaced by new ones. At least 5 companies seem to be involved in this. NCFC and 3 subsidiaries, and then Kerrison Hotels in which one of the subsidiaries has a 30% stake.

What I don't know, for instance, is who Kerrison Hotels are. They move about but are currently registered at Great Portland Street. There are just 2 shareholders - Kerrison Developments and I presume another company. There seem to be 3 directors. Until recently two of these were O'Hara and Cullen. It seems to have a massive mortgage (seven million or so) secured on land for which it paid ?1.1 million.

I see a company that has been engaged in property development for 14 years, for at least 12 of which the property market was booming yet which appears to have received no discernible benefit.

All this may be standard business practice but this web of interlocking companies makes it hard for the layman to work out what is going on. I lack the time,money and skills to pick it all apart, but I wish someone would.

Posted By: Reg Presley on October 5th 2008 at 01:10:05

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