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Re: Coal Exchange Hotel

PostPosted: Wed May 20, 2020 9:02 pm
by daearegwr
lucky wrote:This is another hotel run by the same guy. I've got to wonder when the last inspection of the kitchens at The Exchange was, after reading this. The judge's comments say volumes about their general attitude to the truth, though. https://www.liverpoolecho.co.uk/news/li ... l-18279206


3/5 in September last year. https://ratings.food.gov.uk/business/en ... el-Cardiff
I'd expect better!

Given the scale of work needed to finish the building will anybody want to take this place on?

Re: Coal Exchange Hotel

PostPosted: Thu May 21, 2020 10:40 am
by Simon_SW17
They're clearly a wide boy dodgy operation, surprised Cardiff Council gave them a grant

Re: Coal Exchange Hotel

PostPosted: Thu May 21, 2020 1:10 pm
by daearegwr
Simon_SW17 wrote:They're clearly a wide boy dodgy operation, surprised Cardiff Council gave them a grant


I saw the news article about a £2 million loan from the Council but that hasn't been paid to them before they went into administration. Have the Council given them money previously?

Re: Coal Exchange Hotel

PostPosted: Wed Jun 03, 2020 1:04 pm
by lucky
This had better not happen to the Coal Exchange.

https://www.liverpoolecho.co.uk/news/li ... p-18341647

Re: Coal Exchange Hotel

PostPosted: Tue Jun 30, 2020 5:10 pm
by lucky
The companies have collapsed - and Goodway says the issue of ownership is "sensitive" - in other words, a complete mess to untangle.

https://www.walesonline.co.uk/news/wale ... t-18516009

Re: Coal Exchange Hotel

PostPosted: Wed Jul 01, 2020 10:20 am
by MattW
Feel bad for anyone who invested in this scheme. Always knew it would come to this.

Re: Coal Exchange Hotel

PostPosted: Thu Jul 02, 2020 3:38 pm
by Brian62
More on the mess the place is in and some dubious goings on.
Unlikely the council will get a penny back. It reads that the owner set up another company that lent the hotel £13m with priority as a creditor.

https://www.walesonline.co.uk/news/wale ... g-18527538

Re: Coal Exchange Hotel

PostPosted: Thu Jul 02, 2020 4:13 pm
by lucky
It's not the current administration's fault (well, at least not the Leader's) but under Phil Bale and on the advice of the Planning Department, Cardiff Council signed off on being the last creditor in line. It was always a bum deal, pushed by Planning and some politicians who thought Kenwright was the answer to all their prayers. He's done little to ensure the structural safety and roof security that he promised would be a priority - the back wall is still hanging by a thread (and a lot of expensive hired scaffolding) and the roof is actually more open to weather than when they started. The new £2m loan would, if taken up, have put the Council back in first place as a creditor - which is presumably why Kenwright decided not to take it up after all as another of his companies is now first in line for the crumbs. And the building will continue to deteriorate as they cast round for a buyer, which is highly unlikely in the current climate.

Re: Coal Exchange Hotel

PostPosted: Sat Jul 04, 2020 10:44 am
by Simon__200
Can't see there was much of an alternative. The council had been tasked with the responsibility of stabilising the building, despite not owning it. It would have cost them way more than the £1m they've currently lost on this venture to keep it structurally sound over these last few years.

Surely, despite what has happened since, this has all still been preferable to demolition and the costs incurred by that. Which is pretty much the only other alternative that was in play.

Re: Coal Exchange Hotel

PostPosted: Sat Jul 04, 2020 11:15 am
by daearegwr
Simon__200 wrote:Can't see there was much of an alternative. The council had been tasked with the responsibility of stabilising the building, despite not owning it. It would have cost them way more than the £1m they've currently lost on this venture to keep it structurally sound over these last few years.

Surely, despite what has happened since, this has all still been preferable to demolition and the costs incurred by that. Which is pretty much the only other alternative that was in play.


I agree with this. I suspect the council were stuck behind a rock and a hard place on this one.

Not sure what the outcome is going to be long term. I saw it needed around £3 million to finish. For somebody looking to develop a new hotel in Cardiff how does it compare with building a new one from scratch? Could it be a good investment for somebody?

Is it likely the current hotel operation will continue (one lockdown ends)? The article says it's run as a different company but must surely have some link with signature living