The Wilsons are going under.

HAMISH_MCTAVISH

Mr.Brown wrote: »

Hmmm.

Now they are selling up with an asking price of £180m for their property empire that is claimed to only hold £45m worth of debt against it.

Asking price 180m. Claimed debt 45m.

How much did they realise in the end? That's right - no one wanted it!

No one.

Article dated 12/9/09. I bet a fair few Rich Tea biscuits have been eaten since then.

IMO, the Wilsons problem is they bought too much in such a small area.

If they trickle feed a few dozen properties a year into the market, they'll no doubt get a good price. But dumping 900 at once into an area that small would crash prices anywhere.

They either have to sell the whole lot to a big investor, or a few at a time over a decade or two.

Their problem wasn't getting 900 houses. It's hard to see how they can't meet the debt loads, given how long they've been at it, and their reported LTV.

The problem is more they don't have a viable exit strategy that doesn't involve losing tens of millions off current value.

Thrugelmir

Harry_Powell wrote: »

It's much easier to reduce your corporation tax bill than it is to reduce your capitals gains tax bill. With capital gains, you can reduce your bill by offsetting your gains against losses you may have made. If you don't make any losses then you pay the full amount. With corporation tax, there are lots of ways to reduce your bill. You can pay profits into pensions, you can buy 'office' equipment, you can get work done on your other properties to increase their value, you can pay down company debt, etc.

Suggest you do some homework and take professional advice before becoming an entrepreneur. As you may find yourself in rather a muddle. :beer:

Emy1501

If you have read or watched anything on the Wilson you would know their business model was to buy a number of houses rent them out after a few years mew them up to 85% buy a load more and so on. Most of their properties were bought after 2003. They seemed to have bought at least 200 in 2007. The model was fine if as they believed house prices would double every 7 years but they are not now and they have become stuck.

I suspect their debt of 45m is porkies I suspect its closer to 150m as the simple question would be where did they got all the money from between 2003 to 2007 to buy all their properties. We know that prices in Ashford are not doing well and I suspect the types of properties they own are not worth more 2004-2005 prices now.

I reason why the Wilsons have not sold is in reality their portfolio is likely to be in negative equity. I also suspect they have problems renting out their properties especially when they are taking people to court claiming 3k for a damaged toilet seat.

These two are in denial. I remember Fergus ranting on Wake up to money on 5 live that 2 bed houses in Ashford had not fallen in prices and that was at the end of 2008!

nollag2006

bouche wrote: »

Such a talking point - tsut - the Wilsons "going under"

Seems success is hated and the opposite celebrated!

I find if all quite bizzarre!

Had they done well, no doubt they'd had have attrracted not so much attention, as on this forum!

Too true - what is more concerning is the glee with which some folks celebrating rising unemployment and repossessions, just so they could get a cheaper house and to hell with everyone else.

Glad their glee (and the recession) was shortlived !!

:T

Zandoni

I'm happy for anyone to be sucessful, but not when it's done at the expense of others.

Harry_Powell

Thrugelmir wrote: »

Suggest you do some homework and take professional advice before becoming an entrepreneur. As you may find yourself in rather a muddle. :beer:

Just like you suggested I was wrong about pensions and bankruptcy?

kriss_boy

surely selling up will still leave them multiillionaires?

PayDay

chucky wrote: »

repeat after me - Payday doesn;t understand or like it when someone else has more money than them. fact.

As I have said before, my wife and I own three properties, all mortgage free.

Those that invested in property and have to use finance (mortgages, credit cards, loans, MEWing) to finance those properties, have taken a massive financial risk. I'm guessing that most didn't (some still don't) realise what a huge financial gamble they have taken. So I repeat, debt is not wealth.

leveller2911

Redrow Homes are building around 600 homes across the railway line from Park Farm Estate in Ashford.There will be new homes built on that side of Ashford all the way up to junction 10 of the M20.Now anyone who knows the area will tell you thats a fair sized area.What effect will that have on prices in the area given the current decline in Ashford?.

BUT they are only building 9 at a time and when those 9 have sold they will start the next 9. Even the big housebuilders know things are very,very fragile.

Won't be long before you get a free house in Ashford for every 500 Tesco clubcard points.....

sarkin1

bouche wrote: »

Such a talking point - tsut - the Wilsons "going under"

Seems success is hated and the opposite celebrated!

I find if all quite bizzarre!

Had they done well, no doubt they'd had have attrracted not so much attention, as on this forum!

The reason they are so disliked is because they are obnoxious vermin

http://www.youtube.com/watch?v=x9lrqXLVw-E