Crain's Manchester Business - 23-27 November, 2009 - (Page 10)

10 Crain’s Manchester Business / November 23, 2009 The City Region: Tameside Offers for The Point ‘below market value’ Administrators sell assets of collapsed property developer BY SIMON BINNS Adminstrators at collapsed property developer Box-Tree Lodge Ltd have managed to sell some of its distressed property assets at auction. Robert Maxwell and Mike Saville at Begbies Traynor were appointed as administrators of the company, which was building a residential scheme in Ashton-under-Lyne called The Point. The company went under in September 2008 owing £4.3m to Yorkshire Bank. The Point, which comprised 26 apartments, was unfinished at the date of appointment, but administrators decided to complete the scheme as it tried to sell off other assets. A newly filed report by Begbies Traynor said that eight apartments in another of the company’s developments, Box Tree Lodge, had sold at auction for £258,000 in April. An apartment in a scheme called The Beeches, on Crawford Mews, also sold at the same auction for £62,000. The administrators said the sale price had “greatly exceeded” the agents’ valuation of £30,000. The Point is now finished and Begbies Traynor has instructed property agency Eddisons to decorate and furnish the apartments for short-term let. They should be available later this month. The report said that four offers were received for The Point but were rejected as they were below market value No valuation was given by administrators for The Point, but the report said it was not expected to raise enough to satisfy the bank debt or leave any funds for other creditors. Begbies Traynor has made £88,000 from the administration fees so far. COMMENTS? sbinns@crain.com A business summit held at Dukinfield Town Hall on October 23 was one of many such networking events designed Teamwork Tames the r Networking during crisis has helped firms stay afloat BY SIMON BINNS Rush said her business was expecting a static trading year, which finished in October, although she had seen an improvement in the last three months. “The beginning of the year was tough but we’ve managed to pull it around in the last six months,” she said. “We’ll probably stay on an even keel with our previous year, which we’re seeing as a good result. KIERAN QUINN TAMESIDE MBC usinesses in Tameside are feeling positive that the worst of the recession is behind them and believe that proactive networking has helped trade stay buoyant. Organisations like the Tameside Business Network International (BNI), which meets every week, and the Tameside Business Family, organised by the local council, bring more than 20 of the borough’s private sector companies together on a regular basis. Tracey Rush, director at Hyde-based AsOne Design Ltd, which provides websites and e-commerce services, said she had made useful contacts via the BNI group. “The networking club has been really helpful, just to have those links with other businesses in the area. It’s good to find out how everyone else is feeling,” she said. “I think those companies that are less proactive have probably struggled more. You can’t afford just to sit in your office and wait for the contracts to come in. You have to be out there and visible.” ‘It’s only right to admit there’s been some hiccups along the way’ Exposure “We’ve seen some existing clients come back. I think people are realising that marketing is important and something that is not worth cutting back on. Some see exposure as a way of taking their company forward. “We’ve tried to focus on service rather than price. It’s difficult to start cutting prices just to get work in to find that you are working yourself silly and letting standards slip. We’re trying to improve our own processes as a business and improve the service we give. “We’ve even turned some business away because of price, which is hard to do in this market.” Simon Walker, managing direct 103.6 FM Tameside Radio, which reli adverting from the local community the last year had been tough, but som the borough’s more established firm been resilient. “It hasn’t been easy and a lot of p have just stopped spending,” he said survive in a commercial world an have been affected, but business the area have been very proactiv networking and keeping in touch each other. It’s definitely been usef us. “There have been fewer start-up year but some of the familiar faces ar there.” The Point, a Box-Tree Lodge Ltd scheme in Ashton-under-Lyne NEXT BOROUGH TO BE FEATURED: ROCHDALE For just £302 or less per property, you can place a quarter page advertisement to showcase four of your properties. Save money, maximise space. To book your advertisement today call Ceire Topley on 0161 209 5821. The paper that works for you.

Table of Contents for the Digital Edition of Crain's Manchester Business - 23-27 November, 2009

Crain's Manchester Business - 23-27 November, 2009
Index
Taking Stock
Opinion/Our View
City Region: Tameside
Focus: Commercial Property
Crain's List
For the Record
Events, People, Gossip

Crain's Manchester Business - 23-27 November, 2009