The company which owns two parcels of the Cliftonville Lido has moved from administration to creditors’ voluntary liquidation – with a deal underway to buy the Lido sites for £700,000.
Company Stour Side Developments bought property including the Lido plots 1 and 2 in 2014.
Administrators Duff & Phelps were brought in during July 2017 after concerns over business irregularities were highlighted.
Stour Side Developments was owned by Russian businessman Alexander Andreev who acquired 100% of the share capital in the company in 2010 and was appointed its sole director. In 2014, Paul Eley was appointed as its second director.
In 2014, the company (Stour Side Developments and Stour Side Investments) acquired two plots at the Lido, including the car park, for £699,999. The purpose of the buy was to develop residential apartments or re-sell after having secured planning permission but no progress was ever made.
The third Lido site, of the snooker club, was bought by Lido Streetview Limited – run by long-time Lido manager Neville Borck and Martyn Buckley – for £100,000 in February 2017. Mr Borck is also a director of Lido Views.
Andreev and Eley mooted a sealife proposal for the site but this never came to fruition. An attempt to sell at auction also fell flat with the property being withdrawn.
In 2015 and early 2016, the company received additional cash from Evgueni Dogot and SIR Investments (a further connected company).
In 2017 Evgueni Dogot became sole director after the resignation of others including Andreev and Eley.
After discussions over concerns regarding transactions that were entered into by the company before Mr Dogot was in place it was concluded that it was unable to pay its debts and was insolvent.
Duff & Phelps were brought in as administrators with Stour Side Developments owing debts of £1,337,623.
Full and final settlement was made in 2021 regarding the Company’s claim over Lido site 1, The Rainbow Funhouse, King’s Theatre & All Saints Industrial Estate as well as an intercompany debt due from SSI in November 2020.
In 2021 administrators said they were exploring options to market Lido 1 and Lido 2 together with Lido 3 and the Lido Pleasure Centre as a collective development opportunity after reaching agreement with the owners of Lido 3 and the Lido Pleasure Centre.
Stour Side Developments has remained in administration until creditors voluntary liquidation was enacted last month.
According to Companies House Mr Dogot will be buying the Lido site from the administration estate.
A final report by administrators says: “An agreement to sell the Company’s interest in the Lido Properties has been agreed in principle and a nonrefundable deposit has been received from the proposed purchaser.
“The sale is expected to exchange shortly, with completion following soon thereafter.
“The Company’s (Stour Side Developments) director and shareholder (as well as being a significant creditor) indicated that he is prepared to acquire the Lido Properties directly from the Administration estate, for a total consideration of £700,000.
“A non-refundable deposit of £10,000 has been received from the proposed purchaser.”
The sale is expected to result in sufficient funds being available for distribution to be paid to unsecured creditors, resulting in the Joint Administrators moving the Company from Administration to Creditors’ Voluntary Liquidation.
Lido plot 2 was operated as a car park managed by Parking Eye during the Administration until it was leased to Lido Streetview. The lease runs until next month.
In March this year Lido snooker and pool club and Cliff Bar owner Neville Borck swung into action to give the surrounding area a makeover ahead of the tourist season.
The Lido building received a fresh coat of paint and new tarmac was laid.
Earlier this month new, large scale murals were created at Cliftonville Lido by local and visiting artists. Rise Up Residency, responsible for almost 20 large scale murals painted across Margate in 2022, partnered up with Margate Soul Festival to create new art.
Evgueni Dogot was also a director of SIR Investments which owned the former Primark building in Margate. The receiver was appointed for that company in April 2022. A charge had been registered on the Primark building in 2021. The Primark property has now been sold.
