Creditors gear up for Dylan Harvey meeting
INVESTORS who had £6.5m tied up in the collapsed property business Dylan Harvey Residential (DHR) will discover how much they stand to get back at a creditors’ meeting next month.
Some 600 investors paid the cash in deposits for 750 residential apartments – typically between £5,000 to £20,000 each.
The majority involve off-plan reservations for schemes which never progressed into actual development due to market conditions and developer failures. These include Clippers Quay in Salford Quays, Zararchie Tower and Bengal Mill in Ancoats, and phases two and three of a development known as Fresh Salford.
The collapse does not affect the Mann Island development on Liverpool’s waterfront, which is part of a separate joint venture, or the commercial office space business and other companies within the wider Dylan Harvey Group.
DHR, which went into administration on August 4, had a stated turnover of more than £50m and contingent liabilities of around £100m at April 2009.
Set up as part of a group of companies in 1996 Padiham-based DHR was named after managing director Toby Whittaker’s two sons. The business would typically market a scheme and handle the sales operation.
Next month’s meeting will enable administrators from CLB Coopers to outline DHR’s financial position, including a report detailing the background to the insolvency and the possible outcomes for creditors.
The creditors’ meeting will take place at 11am on October 9 at Liverpool’s BT Conference Centre.
