http://www.bulgariabtl.com/?lang=ENGLISH
Anil kohli on right 
Simon also 
Mr mrs allso 2 cardinal mews vestry close andover hampshire SP103FY
tim mannion 
younger tim mannion below!?
21 gruge heath lane fareham hampshire PO15 5AB
Born in Southampton, Hampshire, UK.
I am married to Dawn, who is a Professional Kickboxing Instructor, with two sons Dan (25) and Richard (23) both serving in the Royal Navy and both Physical Training Instructors.
I attended school in Southampton, UK, before graduating from Smithfield College London.
Having been offered a position within an International Hotel and Leisure Chain, away I went!!
Over the next twenty five years I have enjoyed working in Australia, USA, Bali, Philippines, Spain and the UK, working with four different companies mostly on the hotel management and agency services departments, training staff in customer care, sales / marketing, property and availability management.
My main qualification, I think, is that I have attended “the University of life” and when I am old enough I want to teach there!!
I enjoy Squash, Tennis, and Reading, Walking the dogs and entertaining at home.
below krassimmmer kostov
If you have been affected by this company or invested in the opportunity please send an email to davidknightbblt@yahoo.co.uk any info would be useful Others involved are Tim Mannion ( UK Agent) Krassysimmir Kostov (CEO) 003592/9695181 (see below for pictures) The deal explained; basically the 100% finance offer attracts investors, usually people with not much money as the initial investment in only £5000 five thousand pounds. Three thousand two hundred of this money sets up a company that will borrow the money to buy the house they claim they will build within approx 1 year. At the time of writing you have to have a company to own the land the house sits on as a foreigner in Bulgaria. One thousand two hundred of this money is supposed to be returned in to your bank account after the company is set up. This doesn’t happen! The idea is that you are then placed in an ‘allocation queue’ . Usually 300 people waiting to be allocated their lovely new detached house. When you reach the end of the que you will be allocated a property and you will obtain 70 % loan from the bank and 30% loan from the developer. The bank will value the property and this will be the purchase price. The fraud has been running for 3 years now and not one site has comenced work Not one investor has received back £1800 after stting up a company Anil kohli the organizer of the scam has been involved in other scams. Please look at the following articles, they involve complicated scams stet up with many different companies, in many different countries. In the article below you can see Simon Also has also been jailed for fraud. They have scamed millions. It’s amazing what you find when you type a name in to Google!
http://home.att.net/~fcwriter/news10.htm
http://www.investdrinks.org/heros.htm
http://www.investdrinks.org/directory.htm
http://home.att.net/~fcwriter/features6.htm#ocean0904
http://www.investdrinks.org/herosarchive.htm
Simon also has been involved in other suspicious activities. And has been imprisoned for fraud! If you can’t see here you can check below
http://www.bikebiz.co.uk/infozone/article.php?id=981
http://home.att.net/~fcwriter/news10.htm
http://www.investdrinks.org/heros.htm
http://www.investdrinks.org/directory.htm
http://home.att.net/~fcwriter/features6.htm#ocean0904
http://www.investdrinks.org/herosarchive.htm
Simon also has been involved in other suspicious activities. And has been imprisoned for fraud! If you can’t see here you can check below
http://www.bikebiz.co.uk/infozone/article.php?id=981
Latest News 3/3/2009
Latest news provided by the News Distribution Services.Please use the search to locate specific information. back to list
Thursday 25 October 2007 17:47 Insolvency Service (National)BuyBulgaria limited in Hampshire closed down by High Court
A company who promoted the sale of yet to be built buy to let houses in Bulgaria has been closed down by the High Court following an investigation by the Companies Investigation Branch of the Insolvency Service.
BuyBulgaria Limited ("BuyBulgaria") acted as the main UK agent for a Bulgarian property development company, Bulgaria BTL OOD ("BTL").
BuyBulgaria, operating from its trading premises in Fareham, Hampshire, started to promote the sale of proposed property developments in late 2005 on behalf of BTL. BuyBulgaria developed a sub-agent network, including overseas property sales agents to make direct sales to clients across the UK and Ireland. Clients paid a £5,000 joining fee in order to gain access to the proposed development scheme, in order for BTL to incorporate a company on behalf of the client in Bulgaria, in accordance with requirements for non Bulgarian citizens to undertake property purchase transactions, and to allow the client to join an allocation queue for yet to be built properties offered for sale by Bulgaria BTL.
BTL used a BuyBulgaria bank account to collect in its £5,000 fees from UK and Irish clients. In the 16 month period November 2005 to March 2007 BuyBulgaria had recorded over 350 sales, and banked over £1.6 million. By March 2007 no properties had been built for any known UK and Irish clients who had agreed to purchase homes in Bulgaria. BuyBulgaria acted as banker for BTL transferring money to a BTL bank account in Bulgaria.
NOTES TO EDITORS 1. The registered office of Blenheim is at 21 Gudge Heath Lane, Fareham, Hampshire, PO15 5AB.
2. The petition to wind up the company in the public interest was presented on 9 July 2007 under the provisions of Section 124A of the Insolvency Act 1986 following an investigation conducted under Section 447 and 453A of the Companies Act 1985 by Companies Investigation Branch of the Insolvency Service. The petition was heard on 10 October 2007, at which time the company was wound up.
3. The Insolvency Service carries out confidential enquiries on behalf of the Secretary of State for Business, Enterprise and Regulatory Reform through Companies Investigation Branch.
4. The Insolvency Service administers the insolvency regime, investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they become insolvent. The Service also authorises and regulates the insolvency profession; deals with disqualification of directors in corporate failures; assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees; provides banking and investment services for bankruptcy and liquidation estate funds; and advises ministers and other government departments on insolvency law and practice.
5. All public enquiries concerning the affairs of the company should be made: The Official Receiver, Public Interest Unit, 21 Bloomsbury Street, London, WC1B 3SS. Public Enquiries: 0207 637 1110
6. Further information about the work of The Insolvency Service is available from http://www.insolvency.gov.uk
Client ref Ins/Coms/32
GNN ref 153329P
Thursday 25 October 2007 17:47 Insolvency Service (National)BuyBulgaria limited in Hampshire closed down by High Court
A company who promoted the sale of yet to be built buy to let houses in Bulgaria has been closed down by the High Court following an investigation by the Companies Investigation Branch of the Insolvency Service.
BuyBulgaria Limited ("BuyBulgaria") acted as the main UK agent for a Bulgarian property development company, Bulgaria BTL OOD ("BTL").
BuyBulgaria, operating from its trading premises in Fareham, Hampshire, started to promote the sale of proposed property developments in late 2005 on behalf of BTL. BuyBulgaria developed a sub-agent network, including overseas property sales agents to make direct sales to clients across the UK and Ireland. Clients paid a £5,000 joining fee in order to gain access to the proposed development scheme, in order for BTL to incorporate a company on behalf of the client in Bulgaria, in accordance with requirements for non Bulgarian citizens to undertake property purchase transactions, and to allow the client to join an allocation queue for yet to be built properties offered for sale by Bulgaria BTL.
BTL used a BuyBulgaria bank account to collect in its £5,000 fees from UK and Irish clients. In the 16 month period November 2005 to March 2007 BuyBulgaria had recorded over 350 sales, and banked over £1.6 million. By March 2007 no properties had been built for any known UK and Irish clients who had agreed to purchase homes in Bulgaria. BuyBulgaria acted as banker for BTL transferring money to a BTL bank account in Bulgaria.
NOTES TO EDITORS 1. The registered office of Blenheim is at 21 Gudge Heath Lane, Fareham, Hampshire, PO15 5AB.
2. The petition to wind up the company in the public interest was presented on 9 July 2007 under the provisions of Section 124A of the Insolvency Act 1986 following an investigation conducted under Section 447 and 453A of the Companies Act 1985 by Companies Investigation Branch of the Insolvency Service. The petition was heard on 10 October 2007, at which time the company was wound up.
3. The Insolvency Service carries out confidential enquiries on behalf of the Secretary of State for Business, Enterprise and Regulatory Reform through Companies Investigation Branch.
4. The Insolvency Service administers the insolvency regime, investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they become insolvent. The Service also authorises and regulates the insolvency profession; deals with disqualification of directors in corporate failures; assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees; provides banking and investment services for bankruptcy and liquidation estate funds; and advises ministers and other government departments on insolvency law and practice.
5. All public enquiries concerning the affairs of the company should be made: The Official Receiver, Public Interest Unit, 21 Bloomsbury Street, London, WC1B 3SS. Public Enquiries: 0207 637 1110
6. Further information about the work of The Insolvency Service is available from http://www.insolvency.gov.uk
Client ref Ins/Coms/32
GNN ref 153329P
Daily mail article;
He served time for fraud. He is barred as a director for the maximum 15 years. He has twice been declared bankrupt. And now Simon Allso has teamed up with another colourful character, Anil Kohli, who is serving a 12-year ban from corporate life.
Allso is the man who pulled the strings that plunged the historic bicycle company Sturmey Archer to its knees. He has wrecked a succession of family owned companies and his debts comfortably exceed £100,000. He is now working with Kohli on a housing investment project in Vladaja, Bulgaria, coining fees of £5,000 a time from hundreds of British investors.
He has told Financial Mail his latest venture is 'substantial and legitimate'. His UK sales agent says: 'If this was fraudulent, it would have come out after 18 or 19 months.'
But so far there is virtually nothing to show for the 200 or more investors who have paid money to Bulgaria Buy To Let (BBTL) - a business whose shareholders are Kohli and Allso's wife, Ingrid.
Since Allso hit financial trouble as a younger man, he has been accustomed to using family members to front his projects. Son-in-law Mark Sillence was, for example, the only named director of one company that in
2002 attempted to wrest control of struggling firms by wooing their directors at family lunches in a palatial 5,000 square foot villa in Cyprus with a bogus stamp of legality provided by phoney offices in a prestige block in Limassol.
Kohli, struck off as a director for 12 years until 2009, has been linked with a controversial wine investment programme aimed at wealthy Americans and run by a succession of companies ending with Ocean-Seed.
Their latest buy-to-let scheme has already pulled in more than £1m. Sign up for the chance to pay between 100,000 and 250,000 euros
(£68,000-170,000) for a property and it will, gush the ebullient sellers, come with a 100% no-questions-asked mortgage, funded from their own pockets, plus - if not a guarantee - then a very strong promise of a top-flight corporate let.
{2}
Tim Mannion, who runs BBTL's main UK agency from Fareham, Hampshire, claims there has been interest from the likes of accountancy group PricewaterhouseCoopers, Sony Ericsson and parcel giant TNT. The suggestion is that this type of organisation will provide the 'guaranteed 10% a year return' that BBTL is offering.
As far as Financial Mail can establish, none of these companies has a relationship with BBTL and Allso says only that the first year's rental is guaranteed. Since the launch of the venture in 2005 and while investors have their £5,000 at risk, no houses have been built.
Though Mannion admits the plan for at least 600 properties to be built last year was blown off course by 'planning problems', he insists 400 will be finished this year and about half will be sold to locals.
{3}
Speaking for the first time to Financial Mail, Allso said that building work on the first property started last Thursday and that he was running a 'lawful, successful business' in Bulgaria.
He claimed it was always known that clients would wait 12 months before being allocated a property and that though construction was four months behind schedule, the allocation programme was running only one month adrift and he hoped the schedule would soon catch up.
Despite those who have contacted Financial Mail with concerns, Allso
said: 'There are no client complaints outstanding.' Financial Mail knows several who put money up and are trying to get it back. Allso admitted that five out of 207 clients had cancelled and said that defamatory allegations against the business by a customer and his mother had been withdrawn and BBTL's legal costs paid.
Whether Allso's latest venture is more successful than his others, he is breaching UK regulations. He spends at least a week every month in the Bulgarian capital Sofia, working for BBTL. Though he is not a named director, if his involvement was significant enough for him to be regarded as a 'shadow director' that would breach UK rules. His trustee in bankruptcy, Mike Kienlan, had not been notified officially of any income Allso might receive from the venture, which should offset debts of more than £100,000 at the time of his latest bankruptcy.
{1}
Despite their records, Allso and Kohli may be trying to go straight with a new venture suffering teething problems in a new EU accession state. The business is riding an investment boom - Bulgaria is to buy-to-let and holiday properties what the Costa del Sol was a decade ago.
However, their scheme is unauthorised. Part of the £5,000 upfront fee is theoretically refundable, but some who tried to pull out are facing menace.
Mannion argues Allso has paid his debt to society and should be given a chance, but while £5,000 is not do-or-die for most people, some of those lining up to buy properties have handed over several lots of £5,000.
Remarkably, though Financial Mail has covered Allso's business tactics over several years and Kohli's entrepreneurial efforts are well-documented on the internet, investors still fail to check the provenance of the schemes they decide to support.
_______________
Lisa Buckingham
Editor
Financial Mail on Sunday
Telephone 020 7938 6878
Fax 020 7795 6437
The WebCHeck service is available from Monday to Saturday 7.00am to 12 Midnight UK Time
Name & Registered Office:BUYBULGARIA LIMITED21, GUDGE HEATH LANEFAREHAMHAMPSHIREPO15 5ABCompany No. 05571100
Status: Active Date of Incorporation: 22/09/2005Country of Origin: United Kingdom
Company Type: Private Limited CompanyNature of Business (SIC(03)):None Supplied
Accounting Reference Date: 30/09Last Accounts Made Up To: (NO ACCOUNTS FILED)Next Accounts Due: 22/07/2007Last Return Made Up To: Next Return Due: 20/10/2006
Previous Names:
No previous name information has been recorded over the last 20 years.
Branch Details
There are no branches associated with this company.
Oversea Company Info
There are no Oversea Details associated with this company.
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Order information on this company
Below isInfo on Simon Also:
How Sturmey-Archer went East Derby International took control of Raleigh and Sturmey-Archer in 1987. In 1998 Derby Cycles Limited, then a UK-based company, became sole owner of Sturmey-Archer Limited. At this time about 40% of Sturmey-Archer's turnover came from its Engineering Component Department, which made sintered and cold forged components for the automotive and domestic appliance manufacturers. These were produced at the Triumph Road factory in the Radford district of Nottingham, opposite Raleigh's main factory and headquarters. Hub gears, hub brakes, spokes and nipples were also made at Triumph Road by the Cycle Component Department. A much smaller factory at Smethwick, Birmingham made Brooks leather saddles. By the late 1990s, about 85% of Sturmey-Archer's bicycle component production was exported, three quarters to countries on the European mainland. The biggest market was The Netherlands where there was a separate Derby-controlled sales and distribution company, Sturmey-Archer BV. In Europe, Sturmey-Archer had about 10% of the hub gear market, well below the market leader SRAM (owner of Sachs) and second-placed Shimano. Sturmey-Archer's turnover dropped steadily from £18m in 1996 to only £12m in 1999. Pre-tax profit in 1996 was £2.4m (13% of turnover), whereas in 1999 a loss was recorded of £0.3m. The rise in the value of the pound sterling against the Euro currencies had pushed Sturmey-Archer into the red. Derby's options After Sturmey-Archer made a pre-tax loss of £408,000 in 1998, Derby appointed Colin Bateman as managing director of Sturmey-Archer. He took up the post in March 1999, with a brief to assess the ongoing viability of Sturmey-Archer. Eight months later, Bateman reported to the directors of Derby that, in view of the 1998 losses and projected 1999 losses of £1.1m, he saw three alternatives:
· Invest £3.75m immediately,
· Consider the viability of ongoing trading, or
· Sell the land and/or business.
Derby opted for selling. Colin Bateman and Sturmey-Archer's financial director and company secretary, Paul Smith, investigated the options. On 17th December 1999, Sturmey-Archer agreed to sell its site at Triumph Road, Nottingham to Nottingham University for £3.75m. The site was then leased back to Sturmey-Archer for a year to permit relocation of the factory. Nottingham University wanted the site for the £20m National College for School Leadership. Relocation and the search for a new owner Bateman and Smith promptly started a search for separate sites to relocate the Engineering Component and Cycle Component Departments. They also commissioned Manro Consultants to advice on optimizing Sturmey-Archer's profitability. They discussed further outsourcing of manufacturing processes, involving buying in components from Taiwan, with estimated cost savings of 30% and a consequent reduction of about 100 in the workforce. The estimated cost of relocation, excluding the real estate costs, was £4m. This included £1.5m to move the Cycle Component Department, about £0.7m to move the Engineering Components Department and £1.5m for workforce redundancies. Derby considered these costs to be too high. They therefore commissioned a firm of corporate financial advisers, Oasis Europe Limited, to seek potential buyers who would continue manufacture in Nottingham. Meanwhile, a possible management buy-out of the Engineering Components Department was mooted. Most potential buyers merely wanted to 'cherry-pick' certain parts of Sturmey-Archer, especially the name and/or patents. Sturmey-Archer was developing an eight-speed hub, which was of particular interest. Sun Race of Taiwan made a serious offer to buy Sturmey-Archer which would have left some jobs in Nottingham. Their offer was, however, contingent on Sturmey-Archer achieving forecasted sales figures and could not therefore be finalized quickly. Derby, however, were under great pressure from their American investors to reduce debt and the Chase Manhattan Bank required a quarterly progress report. Sale to Lanark One company put forward by Oasis, Lanark Limited, was prepared quickly to buy the whole business as a going concern, complete with all existing and contingent liabilities. The price Lanark offered was lower than that proposed by Sun Race but was more acceptable to Derby because it got rid of debt by the end of the second quarter of 2000, when their American investors had to report to their bankers. Lanark, formed in 1998 and registered at 33a High Street, Heath field, East Sussex, appeared to Derby to be a sound investment firm. It ran four divisions containing about 17 companies. Consequently, on 24th June 2000, Derby sold Lanark The Wright Saddle Company Limited for a nominal sum, believed to be £30. This was slightly less than the retail price of a basic Sturmey-Archer three-speed hub gear. The Wright Saddle Company was a dormant subsidiary of Sturmey-Archer, incorporated in the 1937 and wholly owned by the hub-gear maker. Six days later, on 30th June 2000, Derby transferred the assets and liabilities of Sturmey-Archer into The Wright Saddle Company and its name was changed to Sturmey-Archer Limited. Simultaneously, the former Sturmey-Archer Limited became Derby Cycle Corporation Limited, apparently on the advice of Derby's tax specialists. This was a normal and legal tax avoidance move and should not be construed otherwise. About the same time, and with little or no publicity, Derby Nederland’s sold the profitable European sales and distribution operation Sturmey-Archer Europe BV, based in Amsterdam, to the now Lanark-owned Sturmey-Archer Limited. The sale price was 3m Dutch guilders (about £0.8m) and was in the form of a loan from Derby to Lanark. The directors of Sturmey-Archer Europe BV, which had about seven staff, were Colin Bateman and Paul Smith, the MD and finance director/company secretary of Sturmey-Archer Limited. The deals seemed to benefit everybody. Sturmey-Archer's managing director Colin Bateman said, "For the first time in a long while there is room to invest in production, marketing and product development." Lanark and relocation By this time the financial backers of the suggested Engineering Component Department management buyout had withdrawn. However, they had already found a new factory site and left a completed relocation plan. Lanark’s business adviser, Simon Also, who fronted negotiations for Lanark throughout, suggested therefore that Lanark should also take over the Engineering Component Department. Lanark’s directors assured Colin Bateman and Paul Smith that they would fund the relocation. On 1st July 2000, two non-executive directors were appointed to the Sturmey-Archer board but with little day-to-day involvement. In both July and August, Sturmey-Archer paid its new parent company, Lanark, £60,000 in management fees. Sturmey-Archer also paid £52,000 to another Lanark Group company, Hanson Limited. According to the liquidator's report, Simon Also persuaded Mary Warring, one of the new non-executive executors to authorize this payment, advising her that Sturmey-Archer directors Bateman and Smith had approved it. They had not and were not even aware of the transaction. It later emerged that Simon Also, a former bankrupt, had previously been involved in a large number of business failures in southern England and had been imprisoned for fraud. By mid-August, all the directors of Sturmey-Archer were starting to have concerns about the relocation, as Lanark had yet to provide any funds for this purpose. Negotiations were under way for freehold premises to recourse the Cycle component Department at Calverton, near Nottingham and there was also the site that the failed management buy-out had targeted for relocating the Engineering Components Department. In anticipation of the relocations, which needed to be complete by the end of 2000, stock levels had been increased and additional shifts worked. Lanark proposed that they buy the Calverton site and sublet it to their subsidiary Sturmey-Archer. But at the same time, Lanark wanted Sturmey-Archer to provide them with the purchase money! The proposed agreement between the two companies was never formalized. The financial situation worsens Pinch came to shove when a 10% deposit of £75,000 was needed for the Calverton site. Sturmey-Archer, having recently paid other parts of the Lanark Group £172,000, did not have the money and was expecting Lanark to provide the funding - one of the reasons Sturmey-Archer was sold by Derby so cheaply. Lanark, however, made it clear that they would not be providing the funds. Meanwhile, the landlords of the proposed relocation site for the Engineering Components Department were not happy with Lanark’s financial status and therefore refused to sell. As the situation looked bleaker and bleaker, the board of Sturmey-Archer held an urgent unscheduled meeting with Lanark on 11th September 2000. Lanark were represented solely by Clive Walton, who held a fifth of the shares in Lanark. He stated that he supported the directors of Sturmey-Archer and left the meeting ostensibly to enlist the support of the other Lanark directors. It is reported that some people at the meeting thought Walton had merely left the room for a cigarette break. In reality, he left the building and with effect from that date, resigned his directorship of Lanark. Closure The Sturmey-Archer board were now concerned as to their company's ability to continue trading. They therefore called in insolvency practitioners Smith and Williamson. These advised that, lacking the substantial funding needed to relocate, Sturmey-Archer could not avoid insolvent liquidation. Thus, on Friday 15th September, the first day of the annual IFMA cycle show in Cologne, Sturmey-Archer staff manning the company's stand heard of the insolvency. Closure of the Nottingham plant was announced to its 260 staff the same day. The Independent newspaper reported a long serving employee saying, "The whole workforce is devastated. It is terrible. I have worked here for 42 years and couldn't believe it when we were called into this meeting and told our jobs had gone. The firm says it could no longer afford to pay our wages and asked us all to leave the premises immediately." The same paper quoted Sturmey-Archer 's managing director, Colin Bateman: "This is a sad day for bicycle manufacturing in Nottingham, not to mention for all the staff that work here. We feel very let down. It is a devastating blow." For a time, 28 volunteers stayed on in the factory working on final assembly and packaging. Education and Employment Secretary David Blunkett, responding to an approach from Nottingham South MP Alan Simpson, offered to provide practical and financial help to the company. The East Midlands Development Agency considered buying the new site for Sturmey-Archer and renting it back to them. Sadly these offers did not come it time to prevent Sturmey-Archer's liquidation. Trade Secretary Stephen Byers promised to investigate the circumstances of the closure but at the time of writing (December 2001) does not appear to have published anything. On 22nd September 2000, Derby issued the following press release: Sturmey-Archer In connection with our sale of Sturmey-Archer to Lenark in June of this year there has been much rumour and public comment generated. We share this disappointment and would like to share what we know. We decided to seek a buyer for the business as it did not fit our strategic focus on the manufacture and distribution of bicycles and accessories. It was essential for the viability of the business that a buyer be found without delay who was willing to invest in the patented innovation which Sturmey-Archer had prototyped and to relocate to a new site: the best offer was made by Lenark. In carrying out due diligence on the capability of Lenark to make a success of Sturmey-Archer, evidence was produced showing that they appeared to have more than sufficient resources to undertake the plans the management of Sturmey-Archer had initiated to make a success of the business. We were just as surprised and concerned as anyone that it now appears that Lenark is unable to fund Sturmey-Archer, and this has forced it to enter into insolvency proceedings: we are both a customer and creditor and will suffer from their insolvency along with others in the same position. We understand that an insolvency practitioner has been appointed by the management of Sturmey-Archer to advise them through this period until a meeting of creditors next month determines the future of the business: we sincerely hope that a buyer for the business can be found. We are very distressed that so many Sturmey-Archer employees who served loyally for many years under our ownership of the business will lose their jobs if a buyer cannot be found. One of the few newspapers to report the crisis at Sturmey-Archer in any detail was The Mail on Sunday. On 24th September its reporter Lisa Buckingham revealed that two other firms owned by Sussex-based Lenark had just gone into liquidation and that a further four were days away from the same fate. Gary Matthews, chief executive of Derby, protested to The Mail on Sunday his surprise that Sturmey-Archer was facing ruin: "We understood Lenark to be a robust investment firm. They were represented by top-flight counsel." Matthews also claimed that Derby carried out "the appropriate due diligence" to ensure Lenark were up to the mark. However, as the newspaper reported, the Department of Trade and Industry (DTI) revealed that Simon Allso was declared bankrupt in 1992 and had been linked with at least eight insolvencies. Lenark director Barry Robinson was reportedly a professional gambler based in Las Vegas. The Mail cited the Experian credit rating firm, which described Lenark's financial position as weak, with current assets of just £48,000 at the end of the year to May 1999 and liabilities of £600,000. Creditors' meeting On Monday 2nd October, creditors of Sturmey-Archer arrived in Birmingham for a meeting of about 50 people which was expected to place the company in liquidation. Jeremy Lewis and James Stack, on the This is Nottingham website, reported the events in graphic detail. Attendees discovered that control of Sturmey-Archer had changed. Lenark had sacked the management team just two hours before the meeting. The new directors, Barry Robinson and his associate Alan Brigham, wanted to avoid liquidation and instead intended applying for an administration order in the High Court the following Friday. The meeting was therefore redefined as an informal meeting of creditors rather than a formal creditors' meeting. The meeting started without Barry Robinson, who arrived ten minutes late. Delegates demanded the freezing of Sturmey-Archer's bank account with Barclays at Walton-on-Thames, from which a further £25,000 had recently been taken by Lenark making a total taken of some £192,000. They also succeeded in getting Lenark to reconsider the application for an administration order, arguing that without a substantial injection of cash, it would be pointless so late in the day. Freshly-sacked former managing director Colin Bateman argued that placing the company in administration would be a disaster: it would delay redundancy payments to the workers by many months, and it would lose the company customers who would go elsewhere. The meeting was heated. At one stage, a departing Sturmey-Archer manager, Alan Ettles, asked Barry Robinson, "What has changed to make you believe it is worth investing in? Have you come for a bit more of the cake? The crumbs that are left? What are you after?" Robinson replied, "We are trying to save Sturmey-Archer. ... We want to save as many jobs as possible." Nottingham South MP Alan Simpson asked why Lenark had not approached the DTI or the Department for Education and employment for assistance with the relocation to Calverton. He also asked for the financial guarantee that Lenark gave to Derby to be published. Derby's corporate controller, Simon Goddard, reiterated the company's stance that it had undertaken "due diligence" via a firm of financial advisers. Gary Matthews, chief executive of Derby, had told The Mail on Sunday that Wragge and Co. did the due diligence on Lenark. But Wragge and Co. denied this at the meeting, saying it was done by Oasis Europe, the company that made the Derby-Lenark match. Oasis subsequently denied this, leaving suspicions that nobody did the due diligence, despite what may have been believed by those involved. Tony Murphy of Sturmey-Archer's insolvency practitioners Smith and Williamson, pointed out that three Lenark companies were in liquidation, another in receivership and a fifth might well go into liquidation following a creditors' meeting in a week's time. Derby had insolvency practitioners at the meeting, partly because Lenark still owed them about £0.8m for the purchase of Sturmey-Archer Europa BV. Hence, Derby too was keen for immediate liquidation. Also present was George Hu of Sun Race USA, wearing a black shirt emblazoned with his company name. Plainly his company still wanted Sturmey-Archer. New Sturmey-Archer MD Barry Robinson was given fifteen minutes by the meeting to consider his options. This he did and announced, through Tony Murphy of Sturmey-Archer's insolvency practitioners Smith and Williamson, that the bank account would be frozen and that Lenark would underwrite the cost of investigating the benefits of putting the company into liquidation. David Stott, an engineering manager with Sturmey-Archer, successfully demanded that the meeting not be allowed to break up until it had been confirmed that the bank account was frozen. Liquidation By the end of the week, Barry Robinson, having twice visited the Nottingham factory, had decided that there was no way a rescue could be arranged using Sturmey plant as collateral. Therefore administration was no longer an option. Derby chief executive Gary Matthews then said that Derby might be interested in buying some of Sturmey-Archer's bicycle related divisions, but nothing came of this. So, Sturmey-Archer went into liquidation. The directors attributed its failure and the loss of some 300 jobs to the lack of financial support from Lenark. They considered that, apart from the necessity to relocate and costs associated with this, the company remained a fundamentally viable business. Assets were estimated to realise £3.7m. These included a 100% shareholding in Sturmey-Archer Europa BV, valued at £0.75m; machinery and equipment valued at £1.1m and stock worth £1m. The company had a deficit of £2.3m. The largest category of creditors was the employees. Their claims in lieu of notice and redundancy pay amounted to nearly £3.3m. In early November 2000, as liquidation of Sturmey-Archer proceeded, the management team of Brooks saddles paid the liquidators £1m and thus saved the Smethwick, Birmingham operation. Brooks exported 85% of its production to more than 180 countries and was established in Birmingham about 1870. The plant employed about 20 staff. An anonymous 'UK bike trade individual' financially supported the acquisition. The new managing director of Brooks was Gordon Nixon. He had been the Brooks factory manager and the two-day a week personnel manager for Sturmey-Archer. Auctioneers FD Savills auctioned the Sturmey-Archer factory equipment. A sale preview was held on Monday 11th December. The equipment included three Liebergeld cold-forging presses, said to be worth more than £100,000 each. The largest weighed about 1,000 tonnes. The full list of equipment is given below this article. Sun Race buy Sturmey-Archer On the day of the auction preview, 11th December 2000, the following press release was issued by Sun Race Roots Enterprise Co. of Taiwan: From the Office of The President, Sun Race Roots Enterprise Co., Ltd., is pleased to announce the following: Sun Race Roots Enterprise Co., Ltd., a public traded company on Taiwan Stock Exchange, one of the largest global manufactures of bicycle drivetrain components of 28 years, one of the key players in the bicycle industry in North and Latin Americas and Asia, has just completed a deal with Sturmey-Archer Ltd., the producer of the 98 years old Sturmey-Archer branded bicycle internal gear hubs, the "original" inventor of the internal gear hub system. The deal will give Sun Race a strong foothold into the European market. This purchase completes Sun Race as one of the three total bicycle drivetrain solutions provider in the same league next to Shimano and SRAM. Total investment on the purchase, to bring production back, and to develop new products for introduction in 2002 will be around Three and a Half Million US Dollars (USD$3,500,000.00). The North American operations will change the name from Sun Race USA to Sun Race Sturmey-Archer USA. The European operations will change the company name from Sturmey-Archer (Europa) BV to Sun Race Sturmey-Archer Europe BV. The parent company Sun Race Roots Enterprise Co., Ltd., will change the company name to Sun Race Sturmey-Archer Inc. Sun Race's China operations will be renamed as Sun Race Sturmey-Archer (WuXi) Industries. It is Sun Race Sturmey-Archer Inc.'s intention to continue with the 98 years old Sturmey-Archer Brand which has traditionally been associated with high end. With the back up of the newly added engineering, manufacturing and marketing capabilities of Sun Race, Sturmey-Archer products will continue and expand to a full Internal Gear Hub Drivetrain Group consist of Shifters, Brake Levers, Chainwheel Crank Sets, Chains, and Internal Gear Hubs with Drum and Coaster Brakes. Sun Race Sturmey-Archer Inc. will market the Derailleur Drivetrain Groups, which consist of Shifters and Brake Levers, Front and Rear Derailleurs, Chainwheel Crank Sets, Freewheels and Cassettes, Hub Sets, and Multiple Speed Chains under the Sun Race Brand. The production of Sturmey-Archer hubs and service parts will continue from Sun Race Taiwan factory. The move will make Sturmey-Archer Products much more competitive than before. Production will start January 2001 with resume shipping dates of late March, early April 2001. And for the year 2002, celebrating the Century Mark of 100 years on Sturmey-Archer, Sun Race Sturmey-Archer will introduce a very special surprise based on the patent pending technology.
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LISA BUCKINGHAM, FINANCIAL MAIL EDITOR
Another nail in the coffin of market repute
4 March 2007
The only surprise at the criminal fraud charges brought against 13 Wall Street traders last week was that the American authorities had actually investigated and decided to prosecute one of the most pervasive insider-dealing rings since the days of trader Ivan Boesky.
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As small shareholders know to their cost, despite the panoply of regulation and market scrutiny on both sides of the Atlantic, insider dealing remains rampant. It rarely manages to find its way into the courtrooms. And even when it does, convictions are notoriously difficult to secure.
The arrival of the private equity megadeal has made things, if anything, harder to control. A consortium of two or three private bidders with respective advisory entourages means keeping a prospective takeover move under wraps is about as likely as making a safe crossing of the M1 with your eyes shut.
Research by the Financial Services Authority this time last year into takeover bids in the first four years of the new millennium revealed that there was a degree of 'informed trading'-insider dealing - ahead of a stunning 29% of takeovers.
Things may have improved since then. When the FSA gives an update on its research into later years, taking into account a rather more mature enforcement regime, it will be hoping such systematic market abuse shows signs of reduction.
It is easy to look at the latest example of abuse in New York, which could be characterised as tipping off a few mates before a share recommendation was issued by a 'respected' broking house, and regard it as a victimless crime. It is estimated that the 13 netted 'only' about £8.5m between them - not enough to keep most self respecting American chief executives on the payroll for a year.
As usual, though, the victims are private shareholders. They are not on the inside. Their trust in a financial services system that has already served up mis-selling scandals and rip-offs on a monumental scale is further eroded each time such scandals are exposed.
Marks & Spencer boss Stuart Rose was last week depicted as a Gerald Ratner-style gaffe-maker for having admitted he had considered the idea of a bid for Sainsbury's.
His comments, made on the fringes of a retail conference, ran on the Bloomberg newswire for a few hours as the M&S board and its advisers frantically worked out a wording that would see off the more officious watchdogs of the Takeover Panel while appearing to leave open the possibility of bidding under practically any foreseeable circumstance. The only prospect apparently ruled out was a hostile, cash bid.
I've no doubt Rose has looked at Sainsbury's. He will be sorely tempted if a private equity bidder comes along. But possibly last week's blunder was a little more strategic than it at first appeared.
M&S's barely dampened acquisitive possibilities served to pump Sainsbury's share price higher - not as high as a mooted venture capitalist would have to pay - but certainly towards the levels at which a bid of 550p a share (the mooted price from the private equity predators) would struggle to offer much in the way of a bid premium.
Justin King is doing a very creditable job of turning round the supermarket group. There is a suspicion, however, that he might, just might, do even better if the rich rewards of private equity ownership were his for the taking.
And as the Sainsbury's middle-market customers are bang in the middle of M&S's target audience, Rose would almost certainly be happier with King simply firing on six cylinders, rather than supercharged.
Simon Allso, whose colourful career has been documented over the years by Financial Mail has once again hoved into view. Recently emerged from bankruptcy order number two and disbarred as a UK director, he has teamed up with another boardroom outlaw, Anil Kohli, to mastermind buy-to-let housing in Bulgaria.
Allso has hit the investment zeitgeist. Bulgarian property is flavour of the month for those with a few hundred thousand euros to spend. Blue-chip companies will want to rent properties for their employees and there may well be a strong aftermarket for sales to local people.
It seems remarkable, however, that two men who misbehaved badly enough to prompt action from the notoriously somnambulant Department of Trade and Industry can persuade people to hand over £5,000 on trust for the (possible) chance to buy a house for up to 250,000 euros.
At least Allso and Kohli got caught and their record is there to see for anyone with sufficient intelligence. But as ICC Credit - a leading credit reference agency - said following our story of cutbacks in the Insolvency Service, the future could mean that 500 rogue directors a year escape scot-free. And the people they try to persuade to invest will have no record to search.
Other stories: M&S considers £10bn Sainsbury bid Tax win for M&S could hit state coffers
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AmandalawProperty SalesJoined: Aug 17, 2006Posts: 112Location: Devon
Posted: Mon Mar 05, 2007 6:47 am Post subject:
I don't see how building work can be done at all for 400 houses, do they think people are stupid? where in Vladaja can they fit 20 houses let alone 400? Vladaja is a small place, it is a great place though, i would say it is the safest place to live in Sofia and very accessible to the centre and to the ring road. the people are friendly and public transport is really good. it is very strange that the locals know nothing about it. My friend she went into her local shop in Vladaja when they opened this morning and asked if they had heard about this project, they laughed and thought she was joking, when she announced she had heard the plan was true, the man whom is well known and respected in the area, oh he has lived there all his life, thinks someone must be mistaken or some developer is not telling the truth as Vladaya is just to small for this type of type of project. owners of local shops normally know what is going on in their area don't they? should anyone have further info on this, i would be greatful if they could let me know.
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mummyNewbieJoined: Mar 07, 2007Posts: 2
Posted: Wed Mar 07, 2007 2:03 pm Post subject: Simon Allso BBTL
Hi everyone i am the (MOTHER) person he is reffering to in the article in the Finacial Mail on sunday. And i can assure everyone i have NOT retracted anything or paid his legal costs i am still very much fighting to get my money back he has had it for 16mths and has not done nothing promised, If you go to his main agent Tim Mannion and ask for an existing client to confirm the deal he gives you tha name and number of his oen employee. I will be making my own statement to Lisa Buckingham saying that Simon is a Liar well we all know that but hey i need to say it. If you need anymore more information please let me know i will help all i can thanks ....
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AmandalawProperty SalesJoined: Aug 17, 2006Posts: 112Location: Devon
Posted: Thu Mar 08, 2007 7:42 pm Post subject:
Thanks Adolf for the link, i read the whole article. I read that build has started, i can assure anyone that the build has not started, as i said previously my friend lives in Vladaya and i am sure she would know.
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leedarkwoodTopic Advisor: Visas & Village LifeJoined: Jun 09, 2005Posts: 1659Location: Huddersfield now, and South West Bulgaria soon
Posted: Mon Mar 12, 2007 10:34 am Post subject:
I take it that is not the same Simon Allso that seems to have been in trouble in the British courts? Four years for property related fraud in 1995 and 15 years banned from running companies from 2003? See http://www.hmcourts-service.gov.uk/judgmentsfiles/j2475/rodencroft-v-ssti.htm No, can't be, can it. Must be another Simon Allso. Lee
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tonyf27ukSenior MemberJoined: Apr 29, 2004Posts: 57Location: Scotland+Dilber Cheshma
Posted: Mon Mar 12, 2007 11:30 am Post subject:
looks like somebody(lawyer??)got to Mummy
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· Invest £3.75m immediately,
· Consider the viability of ongoing trading, or
· Sell the land and/or business.
Derby opted for selling. Colin Bateman and Sturmey-Archer's financial director and company secretary, Paul Smith, investigated the options. On 17th December 1999, Sturmey-Archer agreed to sell its site at Triumph Road, Nottingham to Nottingham University for £3.75m. The site was then leased back to Sturmey-Archer for a year to permit relocation of the factory. Nottingham University wanted the site for the £20m National College for School Leadership. Relocation and the search for a new owner Bateman and Smith promptly started a search for separate sites to relocate the Engineering Component and Cycle Component Departments. They also commissioned Manro Consultants to advice on optimizing Sturmey-Archer's profitability. They discussed further outsourcing of manufacturing processes, involving buying in components from Taiwan, with estimated cost savings of 30% and a consequent reduction of about 100 in the workforce. The estimated cost of relocation, excluding the real estate costs, was £4m. This included £1.5m to move the Cycle Component Department, about £0.7m to move the Engineering Components Department and £1.5m for workforce redundancies. Derby considered these costs to be too high. They therefore commissioned a firm of corporate financial advisers, Oasis Europe Limited, to seek potential buyers who would continue manufacture in Nottingham. Meanwhile, a possible management buy-out of the Engineering Components Department was mooted. Most potential buyers merely wanted to 'cherry-pick' certain parts of Sturmey-Archer, especially the name and/or patents. Sturmey-Archer was developing an eight-speed hub, which was of particular interest. Sun Race of Taiwan made a serious offer to buy Sturmey-Archer which would have left some jobs in Nottingham. Their offer was, however, contingent on Sturmey-Archer achieving forecasted sales figures and could not therefore be finalized quickly. Derby, however, were under great pressure from their American investors to reduce debt and the Chase Manhattan Bank required a quarterly progress report. Sale to Lanark One company put forward by Oasis, Lanark Limited, was prepared quickly to buy the whole business as a going concern, complete with all existing and contingent liabilities. The price Lanark offered was lower than that proposed by Sun Race but was more acceptable to Derby because it got rid of debt by the end of the second quarter of 2000, when their American investors had to report to their bankers. Lanark, formed in 1998 and registered at 33a High Street, Heath field, East Sussex, appeared to Derby to be a sound investment firm. It ran four divisions containing about 17 companies. Consequently, on 24th June 2000, Derby sold Lanark The Wright Saddle Company Limited for a nominal sum, believed to be £30. This was slightly less than the retail price of a basic Sturmey-Archer three-speed hub gear. The Wright Saddle Company was a dormant subsidiary of Sturmey-Archer, incorporated in the 1937 and wholly owned by the hub-gear maker. Six days later, on 30th June 2000, Derby transferred the assets and liabilities of Sturmey-Archer into The Wright Saddle Company and its name was changed to Sturmey-Archer Limited. Simultaneously, the former Sturmey-Archer Limited became Derby Cycle Corporation Limited, apparently on the advice of Derby's tax specialists. This was a normal and legal tax avoidance move and should not be construed otherwise. About the same time, and with little or no publicity, Derby Nederland’s sold the profitable European sales and distribution operation Sturmey-Archer Europe BV, based in Amsterdam, to the now Lanark-owned Sturmey-Archer Limited. The sale price was 3m Dutch guilders (about £0.8m) and was in the form of a loan from Derby to Lanark. The directors of Sturmey-Archer Europe BV, which had about seven staff, were Colin Bateman and Paul Smith, the MD and finance director/company secretary of Sturmey-Archer Limited. The deals seemed to benefit everybody. Sturmey-Archer's managing director Colin Bateman said, "For the first time in a long while there is room to invest in production, marketing and product development." Lanark and relocation By this time the financial backers of the suggested Engineering Component Department management buyout had withdrawn. However, they had already found a new factory site and left a completed relocation plan. Lanark’s business adviser, Simon Also, who fronted negotiations for Lanark throughout, suggested therefore that Lanark should also take over the Engineering Component Department. Lanark’s directors assured Colin Bateman and Paul Smith that they would fund the relocation. On 1st July 2000, two non-executive directors were appointed to the Sturmey-Archer board but with little day-to-day involvement. In both July and August, Sturmey-Archer paid its new parent company, Lanark, £60,000 in management fees. Sturmey-Archer also paid £52,000 to another Lanark Group company, Hanson Limited. According to the liquidator's report, Simon Also persuaded Mary Warring, one of the new non-executive executors to authorize this payment, advising her that Sturmey-Archer directors Bateman and Smith had approved it. They had not and were not even aware of the transaction. It later emerged that Simon Also, a former bankrupt, had previously been involved in a large number of business failures in southern England and had been imprisoned for fraud. By mid-August, all the directors of Sturmey-Archer were starting to have concerns about the relocation, as Lanark had yet to provide any funds for this purpose. Negotiations were under way for freehold premises to recourse the Cycle component Department at Calverton, near Nottingham and there was also the site that the failed management buy-out had targeted for relocating the Engineering Components Department. In anticipation of the relocations, which needed to be complete by the end of 2000, stock levels had been increased and additional shifts worked. Lanark proposed that they buy the Calverton site and sublet it to their subsidiary Sturmey-Archer. But at the same time, Lanark wanted Sturmey-Archer to provide them with the purchase money! The proposed agreement between the two companies was never formalized. The financial situation worsens Pinch came to shove when a 10% deposit of £75,000 was needed for the Calverton site. Sturmey-Archer, having recently paid other parts of the Lanark Group £172,000, did not have the money and was expecting Lanark to provide the funding - one of the reasons Sturmey-Archer was sold by Derby so cheaply. Lanark, however, made it clear that they would not be providing the funds. Meanwhile, the landlords of the proposed relocation site for the Engineering Components Department were not happy with Lanark’s financial status and therefore refused to sell. As the situation looked bleaker and bleaker, the board of Sturmey-Archer held an urgent unscheduled meeting with Lanark on 11th September 2000. Lanark were represented solely by Clive Walton, who held a fifth of the shares in Lanark. He stated that he supported the directors of Sturmey-Archer and left the meeting ostensibly to enlist the support of the other Lanark directors. It is reported that some people at the meeting thought Walton had merely left the room for a cigarette break. In reality, he left the building and with effect from that date, resigned his directorship of Lanark. Closure The Sturmey-Archer board were now concerned as to their company's ability to continue trading. They therefore called in insolvency practitioners Smith and Williamson. These advised that, lacking the substantial funding needed to relocate, Sturmey-Archer could not avoid insolvent liquidation. Thus, on Friday 15th September, the first day of the annual IFMA cycle show in Cologne, Sturmey-Archer staff manning the company's stand heard of the insolvency. Closure of the Nottingham plant was announced to its 260 staff the same day. The Independent newspaper reported a long serving employee saying, "The whole workforce is devastated. It is terrible. I have worked here for 42 years and couldn't believe it when we were called into this meeting and told our jobs had gone. The firm says it could no longer afford to pay our wages and asked us all to leave the premises immediately." The same paper quoted Sturmey-Archer 's managing director, Colin Bateman: "This is a sad day for bicycle manufacturing in Nottingham, not to mention for all the staff that work here. We feel very let down. It is a devastating blow." For a time, 28 volunteers stayed on in the factory working on final assembly and packaging. Education and Employment Secretary David Blunkett, responding to an approach from Nottingham South MP Alan Simpson, offered to provide practical and financial help to the company. The East Midlands Development Agency considered buying the new site for Sturmey-Archer and renting it back to them. Sadly these offers did not come it time to prevent Sturmey-Archer's liquidation. Trade Secretary Stephen Byers promised to investigate the circumstances of the closure but at the time of writing (December 2001) does not appear to have published anything. On 22nd September 2000, Derby issued the following press release: Sturmey-Archer In connection with our sale of Sturmey-Archer to Lenark in June of this year there has been much rumour and public comment generated. We share this disappointment and would like to share what we know. We decided to seek a buyer for the business as it did not fit our strategic focus on the manufacture and distribution of bicycles and accessories. It was essential for the viability of the business that a buyer be found without delay who was willing to invest in the patented innovation which Sturmey-Archer had prototyped and to relocate to a new site: the best offer was made by Lenark. In carrying out due diligence on the capability of Lenark to make a success of Sturmey-Archer, evidence was produced showing that they appeared to have more than sufficient resources to undertake the plans the management of Sturmey-Archer had initiated to make a success of the business. We were just as surprised and concerned as anyone that it now appears that Lenark is unable to fund Sturmey-Archer, and this has forced it to enter into insolvency proceedings: we are both a customer and creditor and will suffer from their insolvency along with others in the same position. We understand that an insolvency practitioner has been appointed by the management of Sturmey-Archer to advise them through this period until a meeting of creditors next month determines the future of the business: we sincerely hope that a buyer for the business can be found. We are very distressed that so many Sturmey-Archer employees who served loyally for many years under our ownership of the business will lose their jobs if a buyer cannot be found. One of the few newspapers to report the crisis at Sturmey-Archer in any detail was The Mail on Sunday. On 24th September its reporter Lisa Buckingham revealed that two other firms owned by Sussex-based Lenark had just gone into liquidation and that a further four were days away from the same fate. Gary Matthews, chief executive of Derby, protested to The Mail on Sunday his surprise that Sturmey-Archer was facing ruin: "We understood Lenark to be a robust investment firm. They were represented by top-flight counsel." Matthews also claimed that Derby carried out "the appropriate due diligence" to ensure Lenark were up to the mark. However, as the newspaper reported, the Department of Trade and Industry (DTI) revealed that Simon Allso was declared bankrupt in 1992 and had been linked with at least eight insolvencies. Lenark director Barry Robinson was reportedly a professional gambler based in Las Vegas. The Mail cited the Experian credit rating firm, which described Lenark's financial position as weak, with current assets of just £48,000 at the end of the year to May 1999 and liabilities of £600,000. Creditors' meeting On Monday 2nd October, creditors of Sturmey-Archer arrived in Birmingham for a meeting of about 50 people which was expected to place the company in liquidation. Jeremy Lewis and James Stack, on the This is Nottingham website, reported the events in graphic detail. Attendees discovered that control of Sturmey-Archer had changed. Lenark had sacked the management team just two hours before the meeting. The new directors, Barry Robinson and his associate Alan Brigham, wanted to avoid liquidation and instead intended applying for an administration order in the High Court the following Friday. The meeting was therefore redefined as an informal meeting of creditors rather than a formal creditors' meeting. The meeting started without Barry Robinson, who arrived ten minutes late. Delegates demanded the freezing of Sturmey-Archer's bank account with Barclays at Walton-on-Thames, from which a further £25,000 had recently been taken by Lenark making a total taken of some £192,000. They also succeeded in getting Lenark to reconsider the application for an administration order, arguing that without a substantial injection of cash, it would be pointless so late in the day. Freshly-sacked former managing director Colin Bateman argued that placing the company in administration would be a disaster: it would delay redundancy payments to the workers by many months, and it would lose the company customers who would go elsewhere. The meeting was heated. At one stage, a departing Sturmey-Archer manager, Alan Ettles, asked Barry Robinson, "What has changed to make you believe it is worth investing in? Have you come for a bit more of the cake? The crumbs that are left? What are you after?" Robinson replied, "We are trying to save Sturmey-Archer. ... We want to save as many jobs as possible." Nottingham South MP Alan Simpson asked why Lenark had not approached the DTI or the Department for Education and employment for assistance with the relocation to Calverton. He also asked for the financial guarantee that Lenark gave to Derby to be published. Derby's corporate controller, Simon Goddard, reiterated the company's stance that it had undertaken "due diligence" via a firm of financial advisers. Gary Matthews, chief executive of Derby, had told The Mail on Sunday that Wragge and Co. did the due diligence on Lenark. But Wragge and Co. denied this at the meeting, saying it was done by Oasis Europe, the company that made the Derby-Lenark match. Oasis subsequently denied this, leaving suspicions that nobody did the due diligence, despite what may have been believed by those involved. Tony Murphy of Sturmey-Archer's insolvency practitioners Smith and Williamson, pointed out that three Lenark companies were in liquidation, another in receivership and a fifth might well go into liquidation following a creditors' meeting in a week's time. Derby had insolvency practitioners at the meeting, partly because Lenark still owed them about £0.8m for the purchase of Sturmey-Archer Europa BV. Hence, Derby too was keen for immediate liquidation. Also present was George Hu of Sun Race USA, wearing a black shirt emblazoned with his company name. Plainly his company still wanted Sturmey-Archer. New Sturmey-Archer MD Barry Robinson was given fifteen minutes by the meeting to consider his options. This he did and announced, through Tony Murphy of Sturmey-Archer's insolvency practitioners Smith and Williamson, that the bank account would be frozen and that Lenark would underwrite the cost of investigating the benefits of putting the company into liquidation. David Stott, an engineering manager with Sturmey-Archer, successfully demanded that the meeting not be allowed to break up until it had been confirmed that the bank account was frozen. Liquidation By the end of the week, Barry Robinson, having twice visited the Nottingham factory, had decided that there was no way a rescue could be arranged using Sturmey plant as collateral. Therefore administration was no longer an option. Derby chief executive Gary Matthews then said that Derby might be interested in buying some of Sturmey-Archer's bicycle related divisions, but nothing came of this. So, Sturmey-Archer went into liquidation. The directors attributed its failure and the loss of some 300 jobs to the lack of financial support from Lenark. They considered that, apart from the necessity to relocate and costs associated with this, the company remained a fundamentally viable business. Assets were estimated to realise £3.7m. These included a 100% shareholding in Sturmey-Archer Europa BV, valued at £0.75m; machinery and equipment valued at £1.1m and stock worth £1m. The company had a deficit of £2.3m. The largest category of creditors was the employees. Their claims in lieu of notice and redundancy pay amounted to nearly £3.3m. In early November 2000, as liquidation of Sturmey-Archer proceeded, the management team of Brooks saddles paid the liquidators £1m and thus saved the Smethwick, Birmingham operation. Brooks exported 85% of its production to more than 180 countries and was established in Birmingham about 1870. The plant employed about 20 staff. An anonymous 'UK bike trade individual' financially supported the acquisition. The new managing director of Brooks was Gordon Nixon. He had been the Brooks factory manager and the two-day a week personnel manager for Sturmey-Archer. Auctioneers FD Savills auctioned the Sturmey-Archer factory equipment. A sale preview was held on Monday 11th December. The equipment included three Liebergeld cold-forging presses, said to be worth more than £100,000 each. The largest weighed about 1,000 tonnes. The full list of equipment is given below this article. Sun Race buy Sturmey-Archer On the day of the auction preview, 11th December 2000, the following press release was issued by Sun Race Roots Enterprise Co. of Taiwan: From the Office of The President, Sun Race Roots Enterprise Co., Ltd., is pleased to announce the following: Sun Race Roots Enterprise Co., Ltd., a public traded company on Taiwan Stock Exchange, one of the largest global manufactures of bicycle drivetrain components of 28 years, one of the key players in the bicycle industry in North and Latin Americas and Asia, has just completed a deal with Sturmey-Archer Ltd., the producer of the 98 years old Sturmey-Archer branded bicycle internal gear hubs, the "original" inventor of the internal gear hub system. The deal will give Sun Race a strong foothold into the European market. This purchase completes Sun Race as one of the three total bicycle drivetrain solutions provider in the same league next to Shimano and SRAM. Total investment on the purchase, to bring production back, and to develop new products for introduction in 2002 will be around Three and a Half Million US Dollars (USD$3,500,000.00). The North American operations will change the name from Sun Race USA to Sun Race Sturmey-Archer USA. The European operations will change the company name from Sturmey-Archer (Europa) BV to Sun Race Sturmey-Archer Europe BV. The parent company Sun Race Roots Enterprise Co., Ltd., will change the company name to Sun Race Sturmey-Archer Inc. Sun Race's China operations will be renamed as Sun Race Sturmey-Archer (WuXi) Industries. It is Sun Race Sturmey-Archer Inc.'s intention to continue with the 98 years old Sturmey-Archer Brand which has traditionally been associated with high end. With the back up of the newly added engineering, manufacturing and marketing capabilities of Sun Race, Sturmey-Archer products will continue and expand to a full Internal Gear Hub Drivetrain Group consist of Shifters, Brake Levers, Chainwheel Crank Sets, Chains, and Internal Gear Hubs with Drum and Coaster Brakes. Sun Race Sturmey-Archer Inc. will market the Derailleur Drivetrain Groups, which consist of Shifters and Brake Levers, Front and Rear Derailleurs, Chainwheel Crank Sets, Freewheels and Cassettes, Hub Sets, and Multiple Speed Chains under the Sun Race Brand. The production of Sturmey-Archer hubs and service parts will continue from Sun Race Taiwan factory. The move will make Sturmey-Archer Products much more competitive than before. Production will start January 2001 with resume shipping dates of late March, early April 2001. And for the year 2002, celebrating the Century Mark of 100 years on Sturmey-Archer, Sun Race Sturmey-Archer will introduce a very special surprise based on the patent pending technology.
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LISA BUCKINGHAM, FINANCIAL MAIL EDITOR
Another nail in the coffin of market repute
4 March 2007
The only surprise at the criminal fraud charges brought against 13 Wall Street traders last week was that the American authorities had actually investigated and decided to prosecute one of the most pervasive insider-dealing rings since the days of trader Ivan Boesky.
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As small shareholders know to their cost, despite the panoply of regulation and market scrutiny on both sides of the Atlantic, insider dealing remains rampant. It rarely manages to find its way into the courtrooms. And even when it does, convictions are notoriously difficult to secure.
The arrival of the private equity megadeal has made things, if anything, harder to control. A consortium of two or three private bidders with respective advisory entourages means keeping a prospective takeover move under wraps is about as likely as making a safe crossing of the M1 with your eyes shut.
Research by the Financial Services Authority this time last year into takeover bids in the first four years of the new millennium revealed that there was a degree of 'informed trading'-insider dealing - ahead of a stunning 29% of takeovers.
Things may have improved since then. When the FSA gives an update on its research into later years, taking into account a rather more mature enforcement regime, it will be hoping such systematic market abuse shows signs of reduction.
It is easy to look at the latest example of abuse in New York, which could be characterised as tipping off a few mates before a share recommendation was issued by a 'respected' broking house, and regard it as a victimless crime. It is estimated that the 13 netted 'only' about £8.5m between them - not enough to keep most self respecting American chief executives on the payroll for a year.
As usual, though, the victims are private shareholders. They are not on the inside. Their trust in a financial services system that has already served up mis-selling scandals and rip-offs on a monumental scale is further eroded each time such scandals are exposed.
Marks & Spencer boss Stuart Rose was last week depicted as a Gerald Ratner-style gaffe-maker for having admitted he had considered the idea of a bid for Sainsbury's.
His comments, made on the fringes of a retail conference, ran on the Bloomberg newswire for a few hours as the M&S board and its advisers frantically worked out a wording that would see off the more officious watchdogs of the Takeover Panel while appearing to leave open the possibility of bidding under practically any foreseeable circumstance. The only prospect apparently ruled out was a hostile, cash bid.
I've no doubt Rose has looked at Sainsbury's. He will be sorely tempted if a private equity bidder comes along. But possibly last week's blunder was a little more strategic than it at first appeared.
M&S's barely dampened acquisitive possibilities served to pump Sainsbury's share price higher - not as high as a mooted venture capitalist would have to pay - but certainly towards the levels at which a bid of 550p a share (the mooted price from the private equity predators) would struggle to offer much in the way of a bid premium.
Justin King is doing a very creditable job of turning round the supermarket group. There is a suspicion, however, that he might, just might, do even better if the rich rewards of private equity ownership were his for the taking.
And as the Sainsbury's middle-market customers are bang in the middle of M&S's target audience, Rose would almost certainly be happier with King simply firing on six cylinders, rather than supercharged.
Simon Allso, whose colourful career has been documented over the years by Financial Mail has once again hoved into view. Recently emerged from bankruptcy order number two and disbarred as a UK director, he has teamed up with another boardroom outlaw, Anil Kohli, to mastermind buy-to-let housing in Bulgaria.
Allso has hit the investment zeitgeist. Bulgarian property is flavour of the month for those with a few hundred thousand euros to spend. Blue-chip companies will want to rent properties for their employees and there may well be a strong aftermarket for sales to local people.
It seems remarkable, however, that two men who misbehaved badly enough to prompt action from the notoriously somnambulant Department of Trade and Industry can persuade people to hand over £5,000 on trust for the (possible) chance to buy a house for up to 250,000 euros.
At least Allso and Kohli got caught and their record is there to see for anyone with sufficient intelligence. But as ICC Credit - a leading credit reference agency - said following our story of cutbacks in the Insolvency Service, the future could mean that 500 rogue directors a year escape scot-free. And the people they try to persuade to invest will have no record to search.
Other stories: M&S considers £10bn Sainsbury bid Tax win for M&S could hit state coffers
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18/03/07Shame on us for poor price of family silver11/03/07Murdoch can feel smug on quiz scandal25/02/07Britain leads the way on private equity11/02/07Who will spoil the private equity party?04/02/07Private equity years too late for Sainsbury's
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AmandalawProperty SalesJoined: Aug 17, 2006Posts: 112Location: Devon
Posted: Mon Mar 05, 2007 6:47 am Post subject:
I don't see how building work can be done at all for 400 houses, do they think people are stupid? where in Vladaja can they fit 20 houses let alone 400? Vladaja is a small place, it is a great place though, i would say it is the safest place to live in Sofia and very accessible to the centre and to the ring road. the people are friendly and public transport is really good. it is very strange that the locals know nothing about it. My friend she went into her local shop in Vladaja when they opened this morning and asked if they had heard about this project, they laughed and thought she was joking, when she announced she had heard the plan was true, the man whom is well known and respected in the area, oh he has lived there all his life, thinks someone must be mistaken or some developer is not telling the truth as Vladaya is just to small for this type of type of project. owners of local shops normally know what is going on in their area don't they? should anyone have further info on this, i would be greatful if they could let me know.
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mummyNewbieJoined: Mar 07, 2007Posts: 2
Posted: Wed Mar 07, 2007 2:03 pm Post subject: Simon Allso BBTL
Hi everyone i am the (MOTHER) person he is reffering to in the article in the Finacial Mail on sunday. And i can assure everyone i have NOT retracted anything or paid his legal costs i am still very much fighting to get my money back he has had it for 16mths and has not done nothing promised, If you go to his main agent Tim Mannion and ask for an existing client to confirm the deal he gives you tha name and number of his oen employee. I will be making my own statement to Lisa Buckingham saying that Simon is a Liar well we all know that but hey i need to say it. If you need anymore more information please let me know i will help all i can thanks ....
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AmandalawProperty SalesJoined: Aug 17, 2006Posts: 112Location: Devon
Posted: Thu Mar 08, 2007 7:42 pm Post subject:
Thanks Adolf for the link, i read the whole article. I read that build has started, i can assure anyone that the build has not started, as i said previously my friend lives in Vladaya and i am sure she would know.
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leedarkwoodTopic Advisor: Visas & Village LifeJoined: Jun 09, 2005Posts: 1659Location: Huddersfield now, and South West Bulgaria soon
Posted: Mon Mar 12, 2007 10:34 am Post subject:
I take it that is not the same Simon Allso that seems to have been in trouble in the British courts? Four years for property related fraud in 1995 and 15 years banned from running companies from 2003? See http://www.hmcourts-service.gov.uk/judgmentsfiles/j2475/rodencroft-v-ssti.htm No, can't be, can it. Must be another Simon Allso. Lee
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tonyf27ukSenior MemberJoined: Apr 29, 2004Posts: 57Location: Scotland+Dilber Cheshma
Posted: Mon Mar 12, 2007 11:30 am Post subject:
looks like somebody(lawyer??)got to Mummy
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