Bury Football Club Parking Space Investment
Options
Comments
-
The club website says that parking at the stadium is for staff, players, official visitors and blue badge holders only. So it's not clear that the spaces generate any actual income at all, beyond whatever the club pays back to the intermediary for using its own car park.Malthusian wrote: »Added to what IanManc said, Bury play 23 home games a year. Let's be very generous and round that up to 30 to allow for cup games and friendlies. To generate a return of 11%pa (9% a year plus 10% extra after 5 years) fans would need to be willing to pay over £35 for a parking space. That's ignoring costs.
Sure, people might use the car park on non match days, but I can't see why they would as Gigg Lane isn't exactly slap bang in the city centre.
This is why the UK needs to bring its securities laws out of the 1920s.
Fans are encouraged to park in a car park two minutes walk away which charges a fiver on matchdays (not clear what it charges on non-matchdays ,or if it's even open) which gives you an idea of the actual going rate for parking in the area.0 -
The club website says that parking at the stadium is for staff, players, official visitors and blue badge holders only. So it's not clear that the spaces generate any actual income at all, beyond whatever the club pays back to the intermediary for using its own car park.
Fans are encouraged to park in a car park two minutes walk away which charges a fiver on matchdays (not clear what it charges on non-matchdays ,or if it's even open) which gives you an idea of the actual going rate for parking in the area.
Phoenix House is a building made up of office suites for rent and light industrial units. During the week the car park is used by the tenants and isn't open to the public.
The spaces on the club car park which used to be available for fans on the day are now used by people who have "hospitality season tickets" as parking can be included in the package, so they will generate a bit of income, but you wouldn't be able to tell how much it was.
A fiver isn't cheap. If you're absolutely determined to pay to park then you can pay £2.30 for three hours in one of the council car parks on the edge of the town centre, walk to the ground, watch the match and walk back to your car easily within the time you've paid for.0 -
have you had any luck? My last payment was june and they aren't answering their phone or replying to emails. Any thoughts? As they are subletting the car park and Bury FC still own the freehold if they don't reply do you think we can "evict" them and go to Bury FC and ask them to pay us?0
-
Stage a protest and the get the local media involved. Hopefully that might provoke a reaction from them. I hope you find some light at the end of the very dark tunnel.Save £12k in 2019 #154 - £14,826.60/£12kSave £12k in 2020 #128 - £4,155.62/£10k0
-
TruthSeaker wrote: »Hi all,
I am trying to figure out the best way to deal with a parking space investment within Bury Football Club which has stopped paying interest about half a year ago. The club itself is heavily in debt and since the owner has changed recently I am worried that they will not honour the contract both in terms of interest and original investment payback. In terms of legal details, my agreement is with a company-intermediary that holds parking space lease. This lease was passed on to me and another contract certifies intermediary's agreement to manage the parking space for me in return for a fixed interest. They are in significant financial
trouble and company-intermediary is likely to dissolve. To make things even more complicated, company-intermediary is owned by the same person as the club.
Has anyone successfully dealt with a similar situation? What is the likely outcome if intermediary dissolves? Will parking space lease go back to the football club?
As we are in the same boat, do you want to split costs with a lawyer? perhaps there are others you know that could also split lawyer costs?0 -
I have read the forum with interest and have already paid for a solicitor to look over the lease - I should hear back soon but I guess from the above and what I have seen of Mederco's history, it's not looking good.
Today, I looked up their address : Unit 18 Cunningham Court, Blackburn, Lancashire, BB1 2QX on Google street view and found the info board at the entrance to the business park. No answer at their phone so could see the resident at Unit 17 and spoke with them to see if anyone was next door.
Seems Mederco was actually in Unit 17 and the Company there now took over from them about a year ago, they left without any forwarding address etc....
Companies House says they're pretty kaput so not looking good. Bury themselves have another very similar scheme on the go now seemingly - principalinternational.co.uk/property/car-park-investment-bury - which presumably would end up the same way - perhaps there's something that can be done via the police fraud squad as it's presumably showing a pattern of fraud...0 -
TruthSeaker wrote: »Hi all,
I am trying to figure out the best way to deal with a parking space investment within Bury Football Club which has stopped paying interest about half a year ago. The club itself is heavily in debt and since the owner has changed recently I am worried that they will not honour the contract both in terms of interest and original investment payback. In terms of legal details, my agreement is with a company-intermediary that holds parking space lease. This lease was passed on to me and another contract certifies intermediary's agreement to manage the parking space for me in return for a fixed interest. They are in significant financial
trouble and company-intermediary is likely to dissolve. To make things even more complicated, company-intermediary is owned by the same person as the club.
Has anyone successfully dealt with a similar situation? What is the likely outcome if intermediary dissolves? Will parking space lease go back to the football club?have you had any luck? My last payment was june and they aren't answering their phone or replying to emails. Any thoughts? As they are subletting the car park and Bury FC still own the freehold if they don't reply do you think we can "evict" them and go to Bury FC and ask them to pay us?
This is getting very suspicious. We now have another newbie coming on saying they are involved in this obscure investment and they (or is it actually the OP?) are now using the Board to accuse a company of fraud.I have read the forum with interest and have already paid for a solicitor to look over the lease - I should hear back soon but I guess from the above and what I have seen of Mederco's history, it's not looking good.
Today, I looked up their address : Unit 18 Cunningham Court, Blackburn, Lancashire, BB1 2QX on Google street view and found the info board at the entrance to the business park. No answer at their phone so could see the resident at Unit 17 and spoke with them to see if anyone was next door.
Seems Mederco was actually in Unit 17 and the Company there now took over from them about a year ago, they left without any forwarding address etc....
Companies House says they're pretty kaput so not looking good. Bury themselves have another very similar scheme on the go now seemingly - principalinternational.co.uk/property/car-park-investment-bury - which presumably would end up the same way - perhaps there's something that can be done via the police fraud squad as it's presumably showing a pattern of fraud...
And you're nearly as bad, publicising the sale of your padMalthusian wrote: »Just shy of £3 million for a plot of empty land with some white lines drawn on it in Bury. Nice little earner. For comparison, you can get this very attractive 5-bedroom manor with a gym and cinema with bar for around the same amount that investors collectively paid for the car park.
0 -
As a general point and apropos of nothing in particular...
People who have lost money on dubious investments should be aware of the high likelihood of being targeted by recovery fraud. Roughly speaking this means that someone will contact you and tell you that they can get your money back if you pay them an upfront fee. Obviously once you pay them you never hear from them again, unless it is to ask for more money.
A popular variation is to pose as another victim and ask for funds to go towards a class action lawsuit... which of course never materialises.0 -
Companies House says they're pretty kaput so not looking good. Bury themselves have another very similar scheme on the go now seemingly - principalinternational.co.uk/property/car-park-investment-bury
That's just the old one as far as I can tell. It's got a "Sold Out" sticker on it indicating that the scheme has closed.
You can contact Action Fraud but you'll need some actual evidence. You invested in an ultra-high-risk unregulated investment involving a football club (no higher risk sector exists in the UK, due to the football creditors' rule) and it went splat. Running a failed investment is not fraud.perhaps there's something that can be done via the police fraud squad as it's presumably showing a pattern of fraud...0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards