Director of failed firm in flotation
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.RICHARD BREEN, the man behind Artesian Estates - a company that plans to float on the Stock Exchange in two weeks - was a director of Broadwell Land, which collapsed with debts of pounds 58m, writes Dominic Prince.
Broadwell went into receivership in 1990 after a syndicate of nine banks, led by Lloyds, withdrew their support.
Artesian, which Mr Breen and his fellow directors started in 1989, plans a pounds 13.5m flotation on 18 October. It has properties mainly in London and the South-east. Originally a business expansion scheme start-up, with more than 2,100 shareholders, it operated as a residential landlord, specialising in assured short-hold tenancies.
In total, Artesian has 10 companies under its umbrella, now worth some pounds 43m, but at this stage Mr Breen and his fellow directors plan to float only three of them.
Asked about his involvement with Broadwell and its receivership, he said: 'We have never since been involved in the affairs of Broadwell, because we resigned a day before the receivership.' Mr Breen and a brother, Mark, resigned from Broadwell at the same time.
Lloyds was the main creditor bank of a syndicate owed pounds 10m. Other members were British & Commonwealth Merchant Bank and Hill Samuel. Broadwell's main banker was Credit Agricole, which was owed pounds 23m.
Mr Breen's connection with Broadwell will be mentioned in the flotation offer document - on page 67. He said yesterday: 'This is the first significant BES property company to float. Please be kind.'
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments