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Prospects deal sealed

Firestorm

Pedant
Joined
Oct 25, 2003
Messages
15,397
Location
Immersed in the accounts
Report in todays Echo , Prospects have finally agreed the Sainsburys deal in return for a large non refundable deposit, there is a deadline by which they must complete the purchase so Sainsburys will want to push the whole RH project forward IMHO

Just the shops to complete, apparently. The Appliance shop, Sale, seems to be the spokesperson now and the said the parade was initially offered at 1.5M (7 shops 5 flats) but they didn't feel that was enough. Complained that he hadn't heard anything for 6 months but TBH why would RM continue negotiating when much larger Prospects slice was still up in the air.
 
SZ Punbase group are back!

Report in todays Echo , Prospects have finally agreed the Sainsburys deal in return for a large non refundable deposit, there is a deadline by which they must complete the purchase so Sainsburys will want to push the whole RH project forward IMHO

Just the shops to complete, apparently. The Appliance shop, Sale, seems to be the spokesperson now and the said the parade was initially offered at 1.5M (7 shops 5 flats) but they didn't feel that was enough. Complained that he hadn't heard anything for 6 months but TBH why would RM continue negotiating when much larger Prospects slice was still up in the air.

Aha! Dare I say our prospects are looking a bit better this morning?
 
COLLEGE SITE SELL-OFF MAKES WAY FOR BLUES' NEW STADIUM
A key deal to allow Southend United's stadium plans to move forwards has finally been made.
On the day the Blues survived yet another winding up order, Prospects College has finally come to an agreement with Sainsbury's over the sale of its site in Fairfax drive.
The site is the last piece in the jigsaw to allow the redevelopment of Roots Hall.
To fund the club's move to a new 22,000 seater stadium at Fosset's farm, Sainsbury's want to turn the current Roots Hall ground into a supermarkey and hundred of new homes.
The college sie is a key part of the development, and is earmarked for access to the planned car park for the suipermarket.
Prospects chief executive Neil Bates said the college and supermarkey had come close to reaching a deal five times of ther past two years, including in April, but each time it has fallen through at the last minute.
Yesterday, Mar Bates confirmed lawyers acting on behalf of Prospects College exchanged contract for the purchase of its site by Sainsbury's.
The supermarket now has until June 2011 to complete the purchase having paid a 'substantial' non-returnab;e deposit.
Mr Bates said 'We are delighted to have finally exchanged contract with Sainsbury's.
'We have been following the difficulties at the football club with interest and more than a touch of sadness.
'We appreciate how important the club is to the fans.
'The non-payment of wages to players, the fgailure to meet legal obligation to pay HMRC and other creditors on time, and the frequent visits to the high court brings the good name of the club into disrespute.
'We sincerely hope the agreement on the sale of our site, which brings with it a significant increase in the probability of a food store at Roos Hall, and therefore a new stadium at Fossets Farm, signals the start of better times for the club. '
Both Sainsbury's and Southend United declined to comment on the deal

Very interesting.

Other two articles to follow.
 
REPRIEVE FOR FINANCIAL WOES

SOuthend United have been given more breathing space to sort out their financial woes.
Yesterday at the High Court, Blues faces a winding up petition - the third in the pas 12 months - from loan company Charterhouse Commercial Finance.
However, the company applied to adjourn its application until after a separate hearing to put the club into administration by the tax man.
Charterhouse's petition over unpaid debts of £140,000 will now be heard on August 11.
This is after the Revenue and Customs application to put the club into administration over a £238,000 tax debt. This will be held on August 2 after being adjourned last week.
Southend United account's director Nigel Brunning told the High Court last week Sainsbury's has put money into the club's solicitors account in order to clear the Charterhouse debt.
If the club goes into administration, professional administrators would be sent in to run the company and try to clear its debts, which would result in a points deduction.

Last one to come.

I just can't see how this is going to be resolved.
 
CLUB's BOSS STILL HAS TO BUY SHOPS

For the Roots Hall development to go ahead, Blues boss Ron Martin still has to agree a price to buy a small parade of shops in Victoria Avenue.
But a businessmen there, Kris Sale, who runs Sale Appliances, said none of the shops had any contact from Ron Martin for atleast six months.
The shops, at the corner of Victoria Avenue and Fairfax drive, would be on the edge of the site where Sainsbury's wants to build its new store and hundreds of homes.
Now prospects have agreed terms, it is just the issue of the shops stopping the deal from going ahead.
In April, Mr Martin said in the club was making progess over agreeing price with businesses, some of which has been based at the site for more than 15 years.
The eight businesses there incluse Super Pizza, Pizza man, Sale Appliances and M Phones, plus seven flats.
Mr Sale said 'Ron Martin made a silly offer of £1.5million for the block about a year ago.
'It gives us no allowance for moving our businesses. Now Sainsbury's is involved, if it was to make a sensible offer, I would consider it. But it hasn't.


FFS pointless shops, that I doubt make money.

CPO surely come in to place now ?
 
Report in todays Echo , Prospects have finally agreed the Sainsburys deal in return for a large non refundable deposit, there is a deadline by which they must complete the purchase so Sainsburys will want to push the whole RH project forward IMHO

Just the shops to complete, apparently. The Appliance shop, Sale, seems to be the spokesperson now and the said the parade was initially offered at 1.5M (7 shops 5 flats) but they didn't feel that was enough. Complained that he hadn't heard anything for 6 months but TBH why would RM continue negotiating when much larger Prospects slice was still up in the air.

Excellent- some good news
I am hoping that this is significant to Sainsburys and is/was a stumbling block to them releasing funds to us. At worst it is a step closer

However, I don't understand why one article says this is the last part of the jigsaw, and another says we still haven't bought/agreed to buy a number of shops/flats
 
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CLUB's BOSS STILL HAS TO BUY SHOPS

For the Roots Hall development to go ahead, Blues boss Ron Martin still has to agree a price to buy a small parade of shops in Victoria Avenue.
But a businessmen there, Kris Sale, who runs Sale Appliances, said none of the shops had any contact from Ron Martin for atleast six months.
The shops, at the corner of Victoria Avenue and Fairfax drive, would be on the edge of the site where Sainsbury's wants to build its new store and hundreds of homes.
Now prospects have agreed terms, it is just the issue of the shops stopping the deal from going ahead.
In April, Mr Martin said in the club was making progess over agreeing price with businesses, some of which has been based at the site for more than 15 years.
The eight businesses there incluse Super Pizza, Pizza man, Sale Appliances and M Phones, plus seven flats.
Mr Sale said 'Ron Martin made a silly offer of £1.5million for the block about a year ago.
'It gives us no allowance for moving our businesses. Now Sainsbury's is involved, if it was to make a sensible offer, I would consider it. But it hasn't.


FFS pointless shops, that I doubt make money.

CPO surely come in to place now ?

Sale Appliances does ok, trust me.
 
So basically the shop owners are now holding out for an inflated deal (and why not) now Sainsbury's are involved.

This is going to drag and drag, until the Council step in with a CPO. But again this would take months and months.

I cannot see Sainsbury's releasing any significant sums to allow us to operate properly, until this is sorted. Paying the debts is one thing, but providing a large cash injection to keep us going day to day is another. It still results in cashflow crisis.
 
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So basically the shop owners are now holding out for an inflated deal (and why not) now Sainsbury's are involved.

This is going to drag and drag, until the Council step in with a CPO. But again this would take months and months.

I cannot see Sainsbury's releasing any significant sums to allow us to operate properly, until this is sorted. Paying the debts is one thing, but providing a large cash injection to keep us going day to day is another. It still results in cashflow crisis.


Not sure they are holding out 'for an inflated deal' £1.5m for 8 businesses and seven flats = £100,000.00 a pop. Is that an inflated price?
 
Not sure they are holding out 'for an inflated deal' £1.5m for 8 businesses and seven flats = £100,000.00 a pop. Is that an inflated price?

No not at all.

What I am saying is, with a giant like Sainsbury's involved, they would be mad not to try and hold out for a figure that is inflated. I don't know, say £3m or something...

At the end of the day, they have the hassle and costs of re-locating their businesses. It's going to take a bloody lot more than £1.5m to recompense them for that. If I were them, I would probably do the same. They know they hold the trump card pretty much.

Unless Sainsbury's stump up large amounts, this is going to end up with a CPO. This will put the project back even further. Depends how much Sainsbury's want it I guess...
 
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No not at all.

What I am saying is, with a giant like Sainsbury's involved, they would be mad not to try and hold out for a figure that is inflated. I don't know, say £3m or something...

At the end of the day, they have the hassle and costs of re-locating their businesses. It's going to take a bloody lot more than £1.5m to recompense them for that. If I were them, I would probably do the same. They know they hold the trump card pretty much.

Unless Sainsbury's stump up large amounts, this is going to end up with a CPO. This will put the project back even further. Depends how much Sainsbury's want it I guess...

It will only hold up the project if that area is crucial to the project. I think the Prospects site was crucial because it is where the car park is going to be. Does anyone know what is going to replace those shops and flats?
 
Not sure they are holding out 'for an inflated deal' £1.5m for 8 businesses and seven flats = £100,000.00 a pop. Is that an inflated price?

I'd guess we are talking leasehold, so that would rather depend on the length of the leases.
 
It will only hold up the project if that area is crucial to the project. I think the Prospects site was crucial because it is where the car park is going to be. Does anyone know what is going to replace those shops and flats?

I've got a feeling it will be either, a car park, or some of the '100 home' that are being built.
 
It will only hold up the project if that area is crucial to the project. I think the Prospects site was crucial because it is where the car park is going to be. Does anyone know what is going to replace those shops and flats?

Can't find the bloody architects drawings anywhere now. I believe it will be mostly residential units and some landscaping etc.
 
No not at all.

What I am saying is, with a giant like Sainsbury's involved, they would be mad not to try and hold out for a figure that is inflated. I don't know, say £3m or something...

At the end of the day, they have the hassle and costs of re-locating their businesses. It's going to take a bloody lot more than £1.5m to recompense them for that. If I were them, I would probably do the same. They know they hold the trump card pretty much.

Unless Sainsbury's stump up large amounts, this is going to end up with a CPO. This will put the project back even further. Depends how much Sainsbury's want it I guess...
Sainsbury's haven't become the huge successful organisation they have by happily chucking £000,000,000's around. They'll negotiate a favourable price for themselves. I'm not sure how profitable those firms are on that corner (the pizza places regularly change if my memory serves me correctly, and that appliances store has been there for ages). In the end they'll get CPO'd, so it's a game of poker really, they hold a couple of cards, but Saino's are chip leader...
 
Sainsbury's haven't become the huge successful organisation they have by happily chucking £000,000,000's around. They'll negotiate a favourable price for themselves. I'm not sure how profitable those firms are on that corner (the pizza places regularly change if my memory serves me correctly, and that appliances store has been there for ages). In the end they'll get CPO'd, so it's a game of poker really, they hold a couple of cards, but Saino's are chip leader...


Pizza Man and Super Pizza have both been there for a long time, the takeaway just around the corner is always changing.
 
Pizza Man and Super Pizza have both been there for a long time, the takeaway just around the corner is always changing.

I really can't see, a few pizza shops and some other tiny shops, getting in the way of us much longer now we have Sainbsury's who have bought prospects. I just can't see it taking that much longer now.

The council would prefer a huge Sainsbury's super store and a truly magnificent 22,000 seater stadium that will contribute A LOT to the community. It would just be ludicrous for the council or anybody to keep a few pizza shops going instead of a major development (I appreciate these pizza shops etc, are keeping families eating etc, but think of how many empty buildings there are) Madness.
 
It will only hold up the project if that area is crucial to the project. I think the Prospects site was crucial because it is where the car park is going to be. Does anyone know what is going to replace those shops and flats?

A Tesco's Extra perhaps as they seem to be on every corner of every street in the country now..;)
 
Sainsbury's haven't become the huge successful organisation they have by happily chucking £000,000,000's around. They'll negotiate a favourable price for themselves. I'm not sure how profitable those firms are on that corner (the pizza places regularly change if my memory serves me correctly, and that appliances store has been there for ages). In the end they'll get CPO'd, so it's a game of poker really, they hold a couple of cards, but Saino's are chip leader...



The pizza shop does no good. I knew a former owner. He said, apart from match days, there is hardly any walking passing trade. Also, there is no parking right outside. People would rather take the short drive up to cuckoo corner and get a better pizza. It's passed hands many times, it was even a cafe once.
 
The pizza shop does no good. I knew a former owner. He said, apart from match days, there is hardly any walking passing trade. Also, there is no parking right outside. People would rather take the short drive up to cuckoo corner and get a better pizza. It's passed hands many times, it was even a cafe once.

Yes, I remember that. Had my first cafe 'experience' there back in '72 - beans on toast prior to a school trip to Prittlewell Priory. Boring, but true.
 
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