Named and Shamed

Named and Shamed


Squalid roads, buildings and locations in Croydon named and shamed.

Saturday, April 23, 2005

Minerva and the Allders Pension Fund

I draw your attention to today's article in the Times, about the Allders collapse and the dealings of Minerva.

Here is an extract of the article:

"The Minerva Two, however, and other shareholders in their property company, have so far resisted suggestions that they might do likewise. Yet the pensioners action group claims that Minerva has done remarkably well from its involvement with Allders. It was 1997 when Minerva first approached Allders about buying its huge Croydon store. The value it put on it then was £50 million but it was so keen to get the site, which was pivotal to a massive Croydon redevelopment it planned, that it also promised to move Allders to a new store while the development was built and then to return it to pride of place in the wonderful new shopping centre.

Eventually Minerva bought 60 per cent of Allders and installed Terry Green to run it with the disastrous results that will be discussed in Brighton on Monday. But before the collapse, Minerva bought the Croydon store for £49 million. That means it can proceed with its development without the costs and delays of providing a new venue for Allders. It can also install a different key tenant, probably John Lewis, in the main department store, with a consequent boost to rental levels. A fairy tale ending for Minerva, if not the Allders staff

I remind you that Croydon Council are happily working with Minerva, in respect of their future plans for Croydon redevelopment.

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