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Post by profunder on Nov 2, 2015 17:56:31 GMT
Today W****** ****** School have confirmed to pupils and staff they are closing at the end of this term (Christmas break).
Looks like investors will now be seeing if the Freehold can be recovered after a failed takeover bid of the school by nearby <snip>.
Bad news for all in this loan.
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Post by mrclondon on Nov 2, 2015 18:18:03 GMT
profunder could you post your source of this info please, e.g. the name of the media outlet, but don't provide a link as this will identify the borrower (you will note I have had to redact your post for this reason). Thanks.
EDIT: Or PM me with the link if you feel posting the media outlet's name is a bit too obvious.
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oldgrumpy
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Post by oldgrumpy on Nov 2, 2015 18:24:04 GMT
I wonder why the head and governors have still not placed any information whatsoever on the school's website if this is true.
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Post by mrclondon on Nov 2, 2015 18:31:46 GMT
I wonder why the head and governors have still not placed any information whatsoever on the school's website if this is true. ... or that there have been no comments on the schools facebook page.
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upland
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Post by upland on Nov 2, 2015 18:57:10 GMT
I thought that the response from AC indicated that this story was a little far from the truth and that there was an alternative solution to any difficulties anyways. There is nothing on the AC Activity.
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tonyr
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Post by tonyr on Nov 2, 2015 20:21:07 GMT
I thought that the response from AC indicated that this story was a little far from the truth and that there was an alternative solution to any difficulties anyways. There is nothing on the AC Activity. A quick google search on the information provided above yields this story: <link removed by mod> The first BBC link had the same conclusion although it was based on only one quote about "helping parents find alternative places" - this one is in more depth. There does seem to be significant discrepancies between what the media is reporting and what AC are reporting. As the loan is one of the scarce few that have been funded recently I do hope that AC are right - we really have to have more loans being funded/fewer failing to make the goalpost or everyone will leave.
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Post by mrclondon on Nov 2, 2015 20:34:10 GMT
tonyr sorry I've removed your link as it identified the borrower (... perhaps I should move this thread to the private board) and in any case was old news superceded by the update on the AC website at the end of last week. The OP on this thread made a statement about today which if true may imply things have moved on from AC's update.
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Post by pepperpot on Nov 2, 2015 20:36:10 GMT
I thought that the response from AC indicated that this story was a little far from the truth and that there was an alternative solution to any difficulties anyways. There is nothing on the AC Activity. A quick google search on the information provided above yields this story: <link removed by mod> The first BBC link had the same conclusion although it was based on only one quote about "helping parents find alternative places" - this one is in more depth. There does seem to be significant discrepancies between what the media is reporting and what AC are reporting. As the loan is one of the scarce few that have been funded recently I do hope that AC are right - we really have to have more loans being funded/fewer failing to make the goalpost or everyone will leave. mrc got there before me, but that story does look like the week old news that we already had (dated 24th Oct) and the AC update postdates it imo. I expect the AC updates to be more reliable than journalism as they have a direct link to the horses mouth.
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jonah
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Post by jonah on Nov 2, 2015 21:34:39 GMT
Personally I'm looking forward to the update promised by cob tomorrow. Not massively confident in the suggested reopen of trading on Wednesday but very happy to be wrong!
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Nov 2, 2015 21:44:20 GMT
Hopefully, this is suitably encrypted.
impliesdatedNews,earcouncilsiteAnhousing.hastheThefor-markedinarticletoday,the
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jonah
Member of DD Central
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Post by jonah on Nov 2, 2015 22:40:15 GMT
Well it's confused me and I found the Facebook page and a local paper article dated from the 27th.
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ianj
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Post by ianj on Nov 3, 2015 10:33:01 GMT
From AC Lender Update today......
.....'everything is still on track in respect of the investment to repay Lenders and stabilise the position with the school'
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upland
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Post by upland on Nov 3, 2015 11:06:18 GMT
From AC Lender Update today...... .....'everything is still on track in respect of the investment to repay Lenders and stabilise the position with the school' Good news , I think that we would be best out of this one which is a shame as it is so recent a loan. For something like this to happen there must be people with other agendas that complicate the situation.
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duck
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Post by duck on Nov 5, 2015 7:22:15 GMT
Personally I'm looking forward to the update promised by cob tomorrow. Not massively confident in the suggested reopen of trading on Wednesday but very happy to be wrong! Well it did reopen on the secondary market and I sold my 4 figure holding in just 3 transactions. 2 transactions in my personal account and 1 in my business account.
Whilst the outlook looks better than it did a few weeks ago I'm pleased to get rid of some amber highlighting on my spreadsheet.
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pikestaff
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Post by pikestaff on Nov 5, 2015 8:46:40 GMT
duck I may have been the buyer. The more I've read up on this one the more convinced I've become that the risk is very low. Most likely one or more trustees and/or wealthy parents will put their hands in their pockets. But if the school were to close, <<MOD: BB: town name removed>> is in desperate need of housing land. The site is eminently suitable for housing, and has been identified as such by the Council leader.
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