Administrators called in after property firm runs out of funds
A Yorkshire property developer business has gone into administration after running out of funds.
The problems affecting Golden Sands Developments have thrown into doubt the future of several prominent sites in Bradford.
Gary Blackburn and Paul Whitwam from specialist business advisory firm FRP Advisory have been appointed joint administrators of Bradford-based Golden Sands Developments Platinum Limited and Golden Sands Developments Bradford Limited.
Both Golden Sands Developments Platinum Limited and Golden Sands Developments Bradford Limited specialise in commercial and residential property development.
Golden Sands Developments Platinum Limited owned a piece of land on Thornton Road in Bradford and had plans to develop the site into a residential development, however, due to insufficient funding to carry out the development the company entered administration.
Cash flow issues had also severely affected Golden Sands Developments Bradford Limited, which owned an apartment block at Vaughan Street in Bradford, and the company entered administration on the same date.
Gary Blackburn said: “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 Michael Steel & Co to find a buyer.”
Two years ago Ameer Abas, a director of Golden Sands, said publicly the firm was committed to completing a number of projects in Bradford.
Golden Sands Developments specialised in building apartments and selling them to overseas buy-to-let investors.
The Malaysia based businessman set up the company.
In 2016 he said: “Golden Sands Developments projects are stable, and GSD is financially sound.
“GSD has no intention whatsoever to abandon any projects and put the clients in any sort of discomfort.”
Interested parties should contact Mark Pintar at FRP Advisory on 0113 831 5086 for further information.
