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Mallory Park to be put into Administration

'Very constructive dialogue was held with the Leader of HBBC and senior officials and we were receiving very encouraging reactions from them to the Plan. A fundamental component of the Plan was the agreement of the Land Owner to reduce the annual lease rental, which had risen by over 40% over the last eight years and had reached untenable levels. Very regrettably, despite intense work by the MPML board, the Land Owner - Titan Properties Ltd - refused to make a substantive offer to allow the Recovery Plan to proceed.

'British Automobile Racing Club were keen to support MPML (and did so up to the final race meeting yesterday by paying for certain essential supplies allowing the meeting to place) and indeed would have supported MPML to ensure all its trade creditors were paid. To that end, it needed the support of the Landlord with a sustainable rent but, regrettably, this was not possible to achieve.

'Accordingly, having no firm visibility into 2014 and beyond, MPML directors had no option but to place the company into Administration.

'The administrator, Ian Robert of Kingston Smith & Partners LLP, commented: “I will be working with all the stakeholders to ensure that Mallory Park will see racing again. I hope the administration process can assist in finding a solution which will be beneficial to all parties concerned.”

'He continued: “To that end, I will be negotiating with the landlord and the council, with the support of the BARC, to ensure that racing can be enjoyed at Mallory Park for years to come. Although it is early days, I am hopeful that, once a solution to the lease is found, all of the company's creditors should receive a substantial dividend, which I understand is very much the driving force behind the continued support of the BARC.” '



Tagged as: Mallory Park

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Kwack636R

October 01, 2013 3:30 AM

People should not be allowed to move next to a race track and then complain about noise. Imagine the outcry if this happened for the ringing of church bells or some other PC activity. Furthermore, the refusal of the landlord to reduce the rent and the sudden enforcement of the noise regs in full by the council stink of the chance to make money by property development...

stakker916

September 30, 2013 5:52 PM
Last Edited 453 days ago

lets get the zero bikes from the isle of man to do some races istead of the time trials, surely this would be ideal short track and would test the bikes in a different manner. Bet John McGuiness and Micheal Rutter would be up for that And it will stop all the kill joys who bought a house knowing it was next to a race track !!!! This is similar to the residents around Croft and the developers that ruined Assen.



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