Ask tightlipped on banking deal
MANCHESTER property developer Ask Developments has refused to say if it has renewed banking facilities with the Co-operative Bank which expired on Monday.
In recently-filed accounts the group said it was finalising an agreement with its lenders, “although the final agreement is still subject to final legal review”.
The deadline has now passed but the group has refused to comment and the Co-op Bank said it would not discuss the case for client confidentiality reasons.
The group’s accounts for the year to March 2013 show losses almost doubled to £14.8m, while turnover fell from £17.2m to £2.4m.
Since the year end, Ken Knott, one of the founders of ASK – which was named after the first name initials of the three founders Andy Dodd, Simon Bate and Mr Knott – has left the business.
The group has recently agreed a major letting at First Street to Auto Trader, and also inked a deal with London-based investor Tristan Capital Partners for it to buy into the Greengate office scheme in Salford.
