Property ‘magnate’ empire collapses owing £27 million
April 10, 2019
A so called Blackburn property magnate has seen his empire go under and ended up owing £27 million. Stewart Day (former Bury FC chairman) has a big bill on his hands now owed to the creditors with many investors, corporate lenders and consumers set to also lose out on deposits and fees paid under terms proposed by two sets of different insolvency experts.
Day’s Mederco development arm, had projects such as major student property schemes in progress up and down the country – Along with several of his other companies based on Shadsworth Business park they have administrators on board now spelling out the debts owed.
Full story can be read on the Lanchashire Telegraph website.
You May Also Enjoy
What landlords need to know about the upcoming Renters Rights Bill
The government’s long-awaited Renters Rights Bill is one of the most significant overhauls of the private rental sector in decades. While it has not yet received royal assent, the legislation is expected to come into effect late this year, or early in 2026. With the bill moving closer to becoming law, Steven Bond, managing director…
Read More 
Buy-to-let investors can benefit from 12% price discounts for unmodernised homes
Research by London lettings and estate agent, Benham and Reeves, shows that buy-to-let investors can snap up unmodernised properties for as much as -12.3% below the average market house price, providing a stellar opportunity for strong and relatively fast investment returns. Benham and Reeves analysed house price data for 36,175 unmodernised properties currently listed for…
Read More 
UK estate agents facing heightened competition as agency numbers up 24%
The latest research by eXp UK, the platform for personal estate agents and estate agency businesses, has revealed how competition has grown within the UK estate agency sector, with the estimated number of estate agency businesses increasing by 24% since 2017, with this figure expected to keep climbing over the coming years. eXp UK analysed…
Read More 
Homeward Bound
Homeward bound: 74 per cent house price growth over twenty years and affordability barriers price Brits out of their childhood hometowns House prices across the UK have increased by an average of 74 per cent, over the last 20 years, from £113,900 to £268,200 52 per cent of Brits have said they would consider a…
Read More 
Growth in mortgage and rental spending slows for third consecutive month in May
Consumer spending on rent and mortgages grew 4.6 per cent year-on-year in May, slower than the 5.2 per cent recorded in April Spending on utilities rose 4.4 per cent, likely as a result of April’s energy price cap changes Seven in 10 of those remortgaging in 2025 anticipate higher costs, estimating repayments will rise by…
Read More 
£39bn boost for affordable homes programme
Following today’s Spending Review where affordable housing has been allocated £39bn over the next 10 years, here are some thoughts from the Industry. Alex Slater, Rightmove’s housebuilding expert: “Today’s news is a really positive boost for the housebuilding industry and a step in the right direction. There aren’t enough affordable homes, so we welcome any…
Read More