Background
Key highlights / the challenge / risks faced This property development took place at a challenging time, with Covid-19, Brexit and general economic uncertainty influencing every aspect of the project, from structuring the finances to construction work. We were able to assist Simon and his colleagues with a number of issues, particularly in tax and financial structuring, as well as implementing Xero cloud accounting technology to help them access high quality management information.
Clifftown Shore Developments Ltd is a company set up to deliver a £125 million project to develop an iconic seafront building in Southend into 51 luxury apartments. The development, which includes a restaurant and cocktail bar, is close to completion after four years of work on the project. The distinctive Art Deco design of the building has made it an immediate architectural landmark, as well as evoking an age of elegance and sophistication. Several apartments have already been completed and the remainder are selling fast. The development was led by three entrepreneurs who had not worked together before: Simon Talbot, an entrepreneur who had recently sold his IT business and wanted to try something new; James Struth, a trained surveyor with significant experience of property development, and Chris Swainsbury, a building professional with his own construction business. The team was almost immediately faced with a number of matters, not least the engineering issues involved in developing a building on the side of a cliff. The site needed to be pieced together, which meant buying the neighbouring café, and even after these problems had been resolved, there was the small matter of Covid which struck soon after construction had begun. Simon commented: “Although we always had a vision for the development, this was a large and complex project which threw up a number of challenges, not least in tax and financial structuring. Our lawyers put us in touch with Scrutton Bland and from the outset we were reassured by their knowledgeable approach, expertise across a number of disciplines and the ongoing help and support they delivered to our team.”
What we did we do to help/the support we can/do offer
• Implementing Xero cloud accounting technology and training/supporting the in- house finance person
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Assisting with Stamp Duty Land Tax issues
• Helping to structure the project from a tax perspective
• Setting up and helping to manage the financial structuring of the property development
• Providing financial intelligence throughout the project from origination to completion
• Ensuring the business owners were kept informed of any changes to tax and accounting regulations which may affect the project
• Providing ongoing compliance work with year-end accounts and corporation tax
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Delivering targeted reporting to lenders
• Making sure that Scrutton Bland was available and accessible all times to advise and support throughout
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