Tue, 28 Aug 2018 | ADMINISTRATION
Two Bradford-headquartered property companies have been forced into administration due to insufficient funds to keep projects afloat.
The Golden Sands Developments Platinum Limited and Golden Sands Developments Bradford Limited have called in specialist business advisory company FRP Advisory, and have appointed partners Gary Blackburn and Paul Whitwam as joint administrators to manage the administration process.
Both Yorkshire developers entered administration on the same day – a consequence of cash flow issues affecting the companies and therefore the inability to financially sustain their commercial and residential projects.
As a result, the future of a number of prominent Bradford-based developments remain uncertain, but no jobs have been affected due to the administration.
Blackburn commented on the situation: “Unfortunately, due to on-going cash flow issues both businesses have been forced to enter administration.
“We are now focused on securing a sale of the land and associated properties and are working closely with property agents Michel Steel & Co. to find a buyer.”
Golden Sands Developments Platinum Limited own land on Thornton Road which was to be developed into residential blocks, whilst Golden Sands Development Bradford Limited already owned an apartment building on Vaughan Street.
The two companies specialised in constructing residential buildings and later selling them to buy-to-let investors from abroad.
In 2016, Malaysian-based entrepreneur and one of Golden Sands Developments’ directors, Ameer Abas, said: “Golden Sands Developments’ projects are stable, and GSD is financially sound.
“GSD has no intentions whatsoever to abandon any projects and put the clients in any sort of discomfort.”
Interested buyers are invited to view the Golden Sands Developments Platinum Limited administration listing here, and the Golden Sands Developments Bradford Limited administration listing here.
For more news stories about administrations click here. For all our administrations listings, click here.
Successful business operating for over 36 years. Primarily offers comprehensive grounds maintenance services to property management providers throughout the region.
RELOCATABLE
Established construction consultancy, employers agent and quantity surveyor business. With combined experience of over 100 years in the industry, the directors have built a successful consulting business, providing a commercial and professional servi...
Experience of providing speciality recreation rooms for care homes, including themed pubs, hairdressing salons and indoor beaches. Circa 16 current clients in the care home and hospitality sectors, 75% of whom provide reliable, repeat business. Stron...
LEASEHOLD
|
18
|
|
Sep
|
Crane hire business acquired in seven-figure deal | BUSINESS SALE
Liverpool-headquartered A Mini Crane Hire has been acquired ...
|
17
|
|
Sep
|
Scottish accountancy firm expands with two new acquisitions | BUSINESS SALE
Scottish accountancy firm Goldwells has expanded with the ac...
|
16
|
|
Sep
|
Plymouth window manufacturer rescued in buy-out | BUSINESS SALE
A Plymouth window manufacturing business that formed part of...
Sign up to receive our acquisition alert emails to get your FREE guide
|
03
|
|
Sep
|
Bar and restaurant group East Coast Concepts acquired from administrators | BUSINESS SALE
Manchester-based bar and restaurant group East Coast Concept...
|
02
|
|
Sep
|
Deadline passes for Debenhams bids | BUSINESS SALE
The deadline for bidders to submit their offers for departme...
|
20
|
|
Jul
|
Buyer sought for sports bar chain | ADMINISTRATION
FRP Advisory are seeking a buyer for Rileys Sports Bar, afte...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources