Is Property Developer Oliver Davis in financial difficulty?

After moving to a house “in an exclusive location” which cost nearly £1.4m in 2019, Oliver Davis, who likes to think of himself as a property developer, is now having to sell his home less than five years later.

Back in February we let it be known that Ollie owed £5.5m to Peter Waddell, the owner of Big Motoring World.

Since then, it’s been brought to our attention that MTH Flour Mills Ltd, jointly owned by Ollie and Rory & Kelly Brace company received a reminder notice for non payment of the business rates for the building from Ashford Borough Council on the 25 April 2023, for £16,000.

MTH Flour Mills Ltd is owned by two companies. The first is the Oliver Davis Group Ltd which owns no more than 50%. The second company is Thirty Three Holdings Limited owned and controlled by Rory & Kelly Brace who own the other 50%.

No doubt the company paid the outstanding amount, as we can find no record they didn’t.

But it doesn’t stop there. Mulberry Tree Holdings Ltd, which is now insolvent, and owes £1,724, 425 to creditors, opened an account with Youngs on 2 Feb 2021. The document was signed by Ollie and his business partner Rory Brace. 

On the 3 August 2023, Lester Aldridge sent a letter of intended legal action to Mulberry Tree Holdings Limited if they did not pay the sum of £35,039.57, by Thursday 10 August 2023. Lester Aldridge client was J H Young Limited who Mulberry had got £10,000 worth of credit from on the 2 Feb 2021 (see image above).

However, Mulberry Tree Holdings Ltd went under owing Youngs £18,567, according to documents lodged by the insolvency practioner on Companies House. 

On 3 November 2023, Edmunson Electrical Limited issued a petition to wind up Mulberry Tree Holdings Ltd. This was to be heard at the Manchester Business & Property Court at 10:00 am on Tuesday 19 December 2023 (or as soon thereafter as the Petition can be heard). 

Mulberry Tree Holdings Ltd had liquidators appointed on the 19 Jan 2024, by the creditors – Edmundson Electrical Ltd. Edmundson are owed more than £170,000 as is made clear in the list of creditors

We know Oliver Davis Homes Ltd became Mulberry Tree Holdings Ltd on 11 Feb 2019, signed a deal with Golding Homes to deliver 73 homes on the former Somerfield Hospital site in Maidstone. The approx price for the works was in the region of £7-8 million. This job has gone pair shaped and Mulberry have walked away from the job owing millions to many, including Golding Homes.

Ollie sold Ross House, a fire trap, to Folkestone & Hythe District Council for £1.8m in 2018. The refurb was described as “total shit” and “sub standard”. Some describe the work his company undertook on the Golding Homes, Somerfield Hospital site, in similar terms.

On the 18 June 2019, Ollie and his wife move from their former home in Albert Rd Hythe, to Minstead, Sandling Rd Saltwood, Hythe, CT21 4HJ. They paid £1,386,000 for Minstead, according to Land Registry documents.

Minstead is “in an exclusive location” and comes with 3.2 acres of land, a gym and swimming pool.

On 10 February 2020 a charge in favour of Kensington Mortgage Company Limited was placed on the property. How much the charge was for is unknown. Then on the 3 November 2023 another charge was placed on the property. This time it was in favour of MTF (NH) Limited.

Then just this month, April 2024, Ollie and his wife’s home, Minstead, comes onto the market  for sale for £2,750,000. They’ve owned it for near five years.

Ollie through his companies owes a lot of money to a lot of companies and individuals. He has serious cash flow issues.

Is this why the sale of his home because he’s is in financial difficulty?

Or is it because he can’t afford the mortgage payments?

We’ll let you ponder that. 

The Shepway Vox Team

Dissent is NOT a Crime