Monday, March 08, 2010

China Gateway Sold For £5m

Haha! No, not that China Gateway, silly! No, the one in Dover.

Reuters reported late on Friday that China Gateway International PLC (formerly Commercial Group Properties, prop. Ken Wills) had exchanged contracts for the disposal of its properties at Western Heights and Farthingloe, Dover to Dover Gateway Limited for a cash consideration of £5 million. Proceeds will be used to reduce the company's indebtedness to Israel Discount Bank Ltd.

What that means for the future of our very own China Gateway, which was granted Phase 1 planning permission in 2008 after much controversy, only Bertie Biggles and his Tesco bag of goodies can tell. Perhaps with another five mill in his pocket, our Ken can now afford another junket to China for Sandy Ezekiel, Roger Latchford and Richard Samuel? Or perhaps not, as 'Dover Gateway Limited' appears to be 40% owned by Ken and co anyway, with 60% owned by something called Priory Land Ltd, registered at a Regus business centre in Bracknell.

Ah, but then Priory Land are providing an interest free loan which will be repaid at some future date. So CGI net three million mazolians! Hurrah! Treble Maotais all round!

Update: The Priory Land Ltd website's now working. I've updated the link. Thanks to MC Bookman for the update!

Click here to read CGI press release


Bertie Biggles said...

This is a new twist to the saga, Dickie old chap, missed it completely!
Nothing in the Tesco Bags about Priory Land Ltd! Only been going a year and have an address with Regus who 'rent' space. The question that needs asking is who are the directors of Priory Land Ltd and how it is financed and by whom? Convoluted developments. Off to do some research!

Richard Eastcliff said...

Michael Child has come up with a cache page purporting to show Priory Land's dramatis personae here.

Ignore the warning about 'you are entering a non standard page' and just click through. Names that appear there are Paul O'Donnell, Kevin Dougall, Richard Abbott, Paul Uttley, Mike Chidzey, Stephen Westaway and David Geering. None of them ring any bells with me.

Thanks to Michael for passing on the info.

Anonymous said...

That's tough.