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EXCLUSIVE   Wednesday 8 September 2010
Latest: 23 February 2011

Slough's The Village is Bankrupt

The Village shopping centre and offices belonging to Crowborough Properties Ltd (04823362) was put into Receivership 10 times in January this year.

Crowborough, owned by well-known Labour supporter Sanjiv Kaushal, ran out of money after buying several High Street sites - one of which, opposite Marks & Spencer, is now an empty plot of land.



9 February 2011

The £2.00 Company

Crowborough Property owners, Sanjiv Kaushal and his wife, both Indian nationals, each had on 24 June 2009 a £1 share in their company.   No other shares have been issued.   The last published accounts are for the year ending 31 December 2007 and show Crowborough had a net balance of £46,365.   The now old accounts show Crowborough has assets worth £17,255,041.  Total debts were £17,647,544 while money owing to Crowborough and cash in the bank was £438,867.

In Receivership

Companies House records continue to show there are 10 separate appointments of the same "Fixed Charges Receiver" who has the Title Deeds to the land previously owned by Crowborough including the empty site opposite Marks & Spencer in the High Street on the corner of Church Street.

The Fixed Charges Receiver is the London firm of King Sturge, 30 Warwick Street, W1.   They were appointed on 18 February 2010 by Lloyd's Bank who lent Crowborough money.

Overdue Accounts

Companies House web site shows

Next Accounts Due: 30/09/2010 OVERDUE
Last Return Made Up To: 24/06/2009
Next Return Due: 22/07/2010 OVERDUE

Note the last published accounts are for 2007.

Companies House statement 23 February 2011

"With regard to the appointment of a receiver over a fixed asset this does not normally affect the ability of a company and its directors to carry out their statutory filing obligations. I have reviewed the position in respect of the company Crowborough Properties Limited and confirm that we are actively pursuing for the outstanding accounts and annual return."

"Part of our pursuit process, in due course, will be to consider prosecuting the directors if the failure to file continues."

The Mortgages & Charges - All Outstanding

Crowborough obtained 3 mortgages in 2004:-

24 June 2004 - 10 Church Street, Slough
12 November 2004 - 140 and 144 High Street, Slough

In 2005:-

16 March 2005 - 198 and 200 High Street, Slough
4 May 2005 - 136 and 138 High Street, Slough
26 May 2005 - Debenture
18 November 2005 - 102 High Street, Slough

In 2006:-

10 January 2006 - 132 High Street, Slough
31 March 2006 - 142 High Street, Slough   Legal charge

In 2007:-

4 June 2007 - 17 Yew Tree Road, Slough
13 December 2007 - 132, 136, 138, 140, 142 and 144 High Street, Slough

In 2008:-

19 December 2008 - 2A and 2B Church Street, Slough

Labour rewarding Labour ?

The empty site opposite Marks & Spencer was supposed to be the Buckingham Gate office development. It has been speculated Crowborough intended to hire the building on a long lease to Slough Borough Council as the council's new Town Centre headquarters.

Some local residents are querying the ethics of a Labour Party supporter, Sanjiv Kaushal, buying-up town centre land which his company, Crowborough, could not afford, building the Buckingham Gate office block, then being able to hire the entire building to Labour run Slough Borough Council at an expensive cost paid by council tax payers.

Town Centre site a waste of public money

Slough Borough Council does not need a very expensive Town Centre office block to carry-out most of its different functions. Economically, there is no reason for Labour councilors, currently under the leadership of Cllr Rob Anderson and his deputy Cllr James Swindlehurst, to move the council to probably the most expensive site in the entire borough.

Moving council offices to Buckingham Gate would be commercially advantageous for Labour supporter Sanjiv Kaushal, and his company Crowborough, but financially disastrous for Slough's council tax payers.

High Court Challenge

Crowborough have started a High Court action claiming that the Receivers were not lawfully appointed.   The case is expected to be heard at the Royal Courts of Justice, Strand, London WC2 in May 2011.

Crowborough Properties Ltd.

Crowborough Properties Ltd (04823362) was formed by property developer Mr Sanjiv Kumar Kaushal and his wife Mrs Deepak Rani Kaushal who became the directors on 7 July 2003.   Mr Kaushal also became the company's secretary whilst retaining his directorship of Club SL1 Ltd. (since renamed Slade Properties Ltd. 04174447 - more details below).

The Crowborough name was probably chosen because it was the name of their then home, Crowborough House, in Cherry Tree Road, Farnham Royal, Slough.

Slade Properties Ltd - another £2.00 Company

Club SL1 Ltd was set-up by Mr and Mrs Kaushal on 28 March 2001.   On 12 May 2008 Sanjiv Kaushal was replaced as a director by his 20 year old son Sonny Kaushal.   Ten days later, on 22 May 2008, the company changed its name to Slade Properties.   At the time Mr & Mrs Kaushal and their son Sonny were living in Old Slade Lane, Riching Park, Iver.

On 11 May 2010 Slade was publicly warned by Companies House that unless it filed overdue company documents and reports the company would be struck-off the companies register.

The last published accounts dated 31 March 2010 show the company did not trade in that financial year and had debts or losses, carried over from previous years, of £296,502.   The issued share capital continues to be two £1 shares held by Mr Sonny Kaushal.

Reference: SOLA 010564