Did you invest in the Cracken, Kelvingrove, Glasgow development?

Developer: Cracken Developments Ltd

Default Status: In Administration with RSM UK (formerly Baker Tilly)

NWIC Bonds in issue: 116, Estimated Total Exposure: £3,882,667.00

Administrator Details: 

First Floor, Quay 2
139 Fountainbridge
Scotland, EH3 9QG

Tel: +44 (0)131 659 8300

Website: www.rsmuk.com
Paul Dounis and Matthew Wild of RSM UK were appointed as joint administrators on 28/08/2015

Position August 2015

Paul Dounis and Matthew Wild of Baker Tilly were appointed as joint administrators on 28th August 2015. They were appointed by the main lender who are QIB (UK) PLC. They are owed just over £7m. 

Investors deposits are £3.9m, so a sale which pays back QIB and the administrators fees and the costs of sale and still leaves enough money to repay investors back their deposits is looking highly unlikely.

Sadly therefore It looks like this is another development where investors will be making a loss. 

Position June 2016

The predicted loss for investors is 98%.

The land has been sold and the estimated payment to investors seems to be just over 2p in the £. A copy of the estimated outcome statement from the administrators can be downloaded here.

For details of how we can help you recover your losses, see here.

Would you like to make a claim to recover your investment?

Our action group can help you. 

Our lawyers are already pursuing claims on behalf of investors in this development and are making good progress

If you were an investor and would like to make a claim for your losses,
please register with us via our contact form.