Ingleby’s Rushcliffe goes into administration
A PROPERTY company owned by the former vice-chairman of Burnley Football Club, Ray Ingleby, has gone into administration.
Andrew Posler of the Bolton accountancy firm Ideal Corporate Solutions was appointed to Rushcliffe Properties after an application by its directors last month.
Mr Posler said Rushcliffe’s directors sought the protection of administration after HM Revenue & Customs issued a winding up petition over unpaid taxes. Mr Ingleby resigned as a director in August after being declared bankrupt. He stepped down from the board at Burnley at the same time.
The Lytham St Annes-based company was involved in the development of facilities for primary care trusts and residential schemes on the Costa del Sol and Costa Blanca in Spain. But its biggest asset is a piece of land earmarked for residential development in Wildings Lane, Lytham.
Mr Posler said: “What we’re looking to do is preserve the value of a piece of land that we’re hopeful of getting planning permission for.”
He declined to discuss the level of the company’s debts but said it had “significant liabilities”. Some of the creditors are people who put deposits down on the company’s Spanish homes but Mr Posler said he was still trying to identify if they are owed money by Rushcliffe or another group company.
“What we’re looking to do is unweave the various business activities that have taken place so we can understand better the position of the company’s assets and liabilities,” he said. “We don’t know for certain which element dealt with the developments overseas.”
According to promotional literature six Spanish resorts were developed by a Marbella-based company called Rushcliffe International which is not registered in the UK.
Documents at Companies House show Rushcliffe Properties borrowed money from West Register (Investments), a Royal Bank of Scotland (RBS) unit that contains distressed land assets that are being held by the bank until the market improves. A West Register mortgage is secured against the company’s land in Lytham.
Another Ingleby company, RU (Queensway) – formerly Rushcliffe (Queensway) and Rushcliffe Properties (Whitehaven) – went into administration in April. Leonard Curtis was appointed to the company by Allied Irish Banks (AIB) which loaned the business around £460,000 to redevelop the Queensway Medical Centre in Poulton-le-Fylde. According to a creditors’ report the company fell behind with payments in October 2009. RU (Queensway) was owned by Rushcliffe Properties.
