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Formsole Limited
Formsole was established in March 1998 as a joint venture between Chelverton Properties Limited (subsequently renamed Chelverton Group Limited) and BS Group PLC (subsequently renamed Gaming International PLC). The principal activity of the company is the development of a site of land in Hereford.
On 15th December 2000 and under a separate partnership agreement, Chelverton Group Limited in substance transferred the beneficial interests in its shareholding in the company into CR Chelverton Properties, a joint venture partnership between Richmond UK Limited (a subsidiary of Chelverton Group Limited), Carillion Group Limited and Foxborough Developments Limited.
On 12th September 2001, Gaming International plc sold its’ entire shareholding in the company to Chelverton Group Limited and, at that date, terminated the joint venture agreement. So at this time it appears that Formsole was 50% owned by Chelverton Group Limited and 50% by CR Chelverton Properties.
According to its latest accounts, Formsole has two directors, M.G. Cartisser and Simon Morgan (who has spoken at Hereford supporters meetings).
Its income and expenditure were equal and it has assets of £970. This is arrived at as its creditors and debtors are virtually the same. The debt mainly represents amounts receivable from Hereford United. It states that the loans are repayable at 19 May 2003 and these “loans are guaranteed by Hereford United Football Club (1939) Limited”.
Formsole, Hereford 1982 and Hereford 1939 are also party to a joint venture agreement to manage the acquisition of the site of land at Edgar Street, Hereford, to submit and complete planning applications and agreements and to subsequently dispose of the site.
And later it states “the directors believe the amounts(the debts) to be fully recoverable, although there is some uncertainty as to the timing of the recoverability”.
As regards its creditors it has loans from related parties such as Chelverton Group Limited of at least £500,000 and that company is now in Creditors Voluntary Liquidation. Other loans make up the rest of the credit.
The future funding of Formsole is uncertain but it is thought that CR Chelverton Properties will step in. This joint venture partnership (as detailed above) has five directors including Donald Barrie Richardson, one of the Richardson Brothers who are developers based in the West Midlands. Hereford council leader, Terry James, has spoken well of them.