Beasant faces financial ruin

PUBLISHED: 09:23 10 January 2009 | UPDATED: 12:11 17 June 2010

THE PROPERTY magnate behind the redevelopment of Salcombe Hill Hotel, Sidmouth has been declared personally bankrupt.

THE PROPERTY magnate behind the redevelopment of Salcombe Hill Hotel, Sidmouth has been declared personally bankrupt.

Steve Beasant, director of Penpol, which undertook work to provide 17 apartments - Salcombe Mews - at the Beatlands Road site, was declared bankrupt at Truro County Court on Wednesday, December 31.

Led by builders' merchants Travis Perkins, the bankruptcy petition was believed to have been supported by £3.5 million worth of other creditors.

The news comes a month after the Newquay Guardian revealed millions of pounds were owed to creditors by several of Mr Beasant's companies.

Having been declared bankrupt, he cannot legally become a director of a company and can play no role in the actions of his companies.

Speaking this week to the newspaper, Mr Beasant said he and his family now face financial ruin.

"Me and my family have gone for several million," he said. "There is nothing hidden away - no money elsewhere - like some have suggested.

"I have to just focus now on keeping going, keeping my head above water and keeping myself alive."

He disputes the bankruptcy petition led by the creditors and said: "I didn't agree with it and disputed the case but the court didn't listen to me.

"It will now be handed over to the receivers to deal with. I have no problem in sitting down with them and assisting them with the estates.

"It got to the point where there was no coming back and they (receivers) will now deal with everything."

The Sidmouth Herald has learned, through the Newquay newspaper, that formal demands were made by the Bank of Ireland to directors of Penpol Homes 4 Ltd., a subsidiary company, demanding more than £5.5 million.

The news comes following the compulsory liquidation of two of Mr Beasant's other companies, Penpol Homes Ltd and South West Construction Services Ltd.

Platinum Developments Ltd., another property development company involved in the Sidmouth project, remains in liquidation with more than £4.3 million owed, while Platinum Developers Ltd is in the hands of a Law of Property Act (LPA) Receiver.

The Official Receiver - based in Plymouth - will look over Mr Beasant's assets and a trustee in bankruptcy was being appointed by the end of the week.

This will determine what assets are eligible to be sold in order to repay debts to creditors.

Jane Curnow of Fulfords new homes department, Exeter, said the estate agents' was no longer instructed to sell the Sidmouth apartments.

"Whether they will come back on the market I don't know, your guess is as good as mine," she said. "Normally the Receiver will instruct someone to sell the property.

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