Shed entrepreneur John Cutts is preparing to make his comeback to the property world following this summer’s collapse of Parkridge Holdings.
Cutts and his Parkridge colleagues Roger Sporle and William Wardrop are back in the market with a new firm, P2 Developments.
According to Companies House, the vehicle was set up on 15 August, just one week before the official appointment of administrators at PwC to Parkridge Holdings and Parkridge Gate Developments.
The registered office of the new company has since been transferred to Parkridge’s former headquarters, at 22-23 Old Burlington Street, W1.
Sources said that the new vehicle was looking at new assets, as well as seeking to buy back some of the land and property in the collapsed Parkridge entities.
Administrators at PwC have this week been appointed to two more Parkridge subsidiaries – Parkridge Retail and Parkridge (Coalville).
Joint administrator Matthew Hammond said: “Since our appointment as administrators we have been undertaking a thorough review of the financial position of all subsidiaries across the Parkridge Group.
“During this process, we identified two subsidiaries where we were able to take appointments as liquidators in order to realise assets, thereby increasing the return for the companies currently in administration. This exercise is ongoing.”
According to Parkridge’s latest accounts, the group had more than £200m of outstanding debt at the end of 2010.
nick.whitten@estatesgazette.com
