So it began with the demise of Development House Limited. The person of significant control for the company is David Pownceby, according to Companies House. A month ago the company filed an intention to appoint an administrator.
According to Development House Limited’s Potential Creditors list, more than 230 companies are potentially owed money. We suspect it could be more.
As of the end of June 2023, Development House Limited debts stood at £7,136,519. But may well be higher as the administrators have not yet been appointed. As we understand there was a creditors meeting yesterday 17 August 2023. This was to allow:
The following resolutions will be considered at the shareholders meeting:
1 “That the Company be wound up voluntarily”; and
2 “That Andrew Watling of Quantuma Advisory Limited, Office D, Beresford House, Town Quay, Southampton, SO14 2AQ and Jamie Taylor of Begbies Traynor (Central) LLP, 1066 London Road, Leigh on Sea, Southend, Essex, SS9 3NA (office holder numbers 15910 and 002748) be and are hereby appointed Joint Liquidators for the purpose of such winding up. Any act required or authorised under any enactment to be done by a liquidator may be done by one or both of them.”
David Pownceby (pictured) blames Covid for his woes regarding Development House Limited. He has said:
Due to the negative effects of Covid, the industry wide issues with materials availability and the resultant project delays and the significant increases in material costs followed by the downturn in the housing market in 2022, the lack of sales completions affected the cashflow of Sunningdale which in turn affected the cashflow of the Company which became very restricted throughout 2022.
The business plan of the Company always showed that creditors would be paid as it was anticipated that repayment from Sunningdale would be received once sales had been completed. On this basis, creditors were asked to continue to work to ensure sites could be completed.
Six High Court applications for administrative orders have been made by West One Loan Limited which has charges against the companies in relation to loans.
It is understood West One Loan Limited and Aura Finance Limited; which are effectively one and the same have taken steps to “trigger” the insolvency process.
We know representatives from West One have been visiting sites, across the Folkestone & Hythe District as well as Thanet and Dover District where Sunningdale have sites. They have done this to ascertain valuation of the land and properties which will eventually be disposed of, allowing them to recoup their money.
David Pownceby has been a bankrupt and his former companies Lilybrook Developments DRP Estates and other companies were all dissolved in 2013, owing over £34m to creditors