Holroy Developments Ltd


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This loan may be behind with its repayment schedule and so microloan trading has been suspended while we work to help the business recover its repayment form. Please see the Loan Updates tab for recent updates.

About the Business

Company Name: Holroy Developments Ltd Company Number: 1502877
Business Type: Property/Construction Years Trading: more than 10 years
Business Location: ROYTON

About the Risk

Risk rating


Default rate


Bad debt rate


About the Security

Security Offered:

Cross Corporate Guarantee - CCG from HOLROY HOMES (OLDHAM) LIMITED

Est. Equity: 0.00

Personal Guarantee - PG from Director

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

The parent Company Holroy Developments Ltd was incorporated in 1980 and its registered principal activity is that of builders and developers. Reg. No. 1751689.

There are two working Directors in the Company

  • Paul Frederick Whitehead
  • Peter Gerard Whitehead
  • The Company’s registered office is: -

    2, Salmon Fields Business Village Royton, Oldham OL2 6HT

    The background of the Director’s is as follows: -

    a) Paul Whitehead who is a qualified Legal Executive joined the Company in 1990 and is now the company Managing Director dealing in land acquisition and general development of the Company and its’ subsidiary.

    b) Peter Whitehead has worked for the Company since completing his full time education and is responsible for the site supervision and liaison.

    Since its incorporation in 1980, the Company has progressed steadily but cautiously.

    In its formative years the Company built small developments of starter homes of 2-6 houses per site, together with a number of small private contracts.

    In 1987 the Company expanded taking on larger house building contracts of up to 32 dwellings for Housing Associations, together with the continuation of its own speculative sites.

    In 1989 the Company continued its expansion by branching into commercial/office developments of upto 25,000 square feet. This enabled the Company to look at developing larger speculative housing developments of upto 20 dwellings and during the next 10 years developed both arms of the business in tandem.

    To allow further continued growth, Holroy Homes was set up in 2005 to deal with speculative housing sites of 4 –40 units and it started its first project during 2005.

    In 2010 Holroy Developments (North West) Ltd was set up to take on additional private sector contract work and secured its first contract for a development of 92 houses to be built in phases of 10 at Boundary Park Oldham.

    The more recent developments carried out by the Company are as follows: -

    i)A scheme of 4 detached houses at Dobcross, Oldham, with a value of approximately £1,400,000

    ii)A 22 house scheme at Westridge Chase, Royton, Oldham. This development was completed in March 2005 and the value of the development was in excess of £3,450,000.

    iii) A scheme for 5 detached houses at Holden Fold Royton, Oldham. The development was completed in 2005 with a value of just over £1,000,000.

    iv)A 12 apartment scheme at Radcliffe Street, Royton, Oldham. This project was completed in July 2005 with a value in excess of £1,400,000.

    v)A 9 house development at Coverhill Road, Grotton Oldham. This project was completed in July 2006 with a value of £2,800,000.

    vi)A 24 house development together with a new bowling club and bowling green at Lancaster Street Chadderton was completed in late 2008 with a value of approximately £3,650,000.00

    vii)A 4 house development at Heap Road, Norden, Rochdale was completed in 2009. These were larger than average 4 and 5 bed houses each approximately 3,200 square feet with a value of £2,600,000.

    viii)A scheme for 12 detached houses at Parklands, Royton, Oldham which completed in December 2011 with a value of approximately £3,800,000.

    ix)A 23 house, 3 and 4 bedroom development at Parkside Farm, Chadderton Oldham which was completed in 2011 with a value of £4,900,000

    x)A final phase of 2 houses at Highthorne Green Royton, Oldham has recently been completed to a value of approximately £900,000

    xi) The completion of a site of 14 houses at Rawtenstall Lancs for Santander Bank with a contract value in excess of £500,000

    xii)A Contract for Crompton Hall Developments at Shaw, Oldham for 6 detached houses with a value of £1,050,000

    xiii)A contract to build the first 10 houses (total of 94 to be built) on a site at Boundary Park Oldham with a contract value of £1,600,000.

    xiv)A contract via Scanlans Consulting Surveyors to build 2 detached houses on a re-possessed site at Ormskirk Lancs with a contract value of £220,000

    xv)A contract to build the new North Stand at Oldham Athletic Football Club with a value of £5,100,000 was secured in 2013 and is currently under construction with a completion date of April 2015.

    xvi)A contract to build 22 houses at Mill Lane Northenden was secured in October 2015 with a value of £2,700,000 with a completion date of August 2015.

    xvii)A contract to build 37 houses for Werneth Community Build Ltd is due to start in early 2015 with a value of £5,700,000 with a completion in autumn 2016.

    The subsidiary, Holroy Homes (Oldham) Ltd currently shows a negative net worth. The reason for this is that following the fall in the housing market in 2008, the company had 4 sites ongoing with several of the properties being high value for the area (up to circa £700K) and borrowing from lenders of circa £7 million. To ensure continued support from the lenders quick sales were required to pay down the facilities. As a result, there was a sales shortfall of circa £1,500,000 (in line with the drop in values locally of around 15%) and additional borrowing costs of circa £50,000. The family provided some funding and guarantees to the lender to make up the shortfall. There are currently 3 properties (2 part exchange and 1 new build) that remain on the books with an investment facility loan and have been rented out for a period of time in agreement with the lender (the Co-op Bank). However the 3 properties are now back on the market and once sold will enable the balance of the banks facility to be repaid.

    Apart from the investment loan for the 3 remaining houses, all bank loans have been repaid and the only other money owed is to the Directors.

    As a result, the company has losses of £900k going forward to offset against future corporation tax.

    Read more

    Loan Offers

    What is the loan for?

    The Loan is for working capital with regards to the Contract with Oldham Athletic Football Club..

    The company has had to withdraw the sub contract for the installation of wall cladding, curtain walling and windows.

    The contractor concerned has a great deal of experience in this field and was well known to the design team, A number of issues came to light as the work was due to commence and following discussions had been unable to secure the necessary assurances and guarantees from the initially appointed sub-contractor. It was therefore inappropriate to allow the sub-contractor to commence work.

    Decision has now been made to control this part from within the company which has led to an initial cash flow issue, however long term will increase the profitability of this part of the project by approx. 20%-22%. This however is not the main benefit, as it will ensure that the reputation of Holroy remains intact and the project is completed within the timescales expected.

    Why consider investing?

    Holroy Developments is a well-established business that has an excellent reputation and a wealth of experience in it's field.

    Apart from existing overdraft facility the company keeps borrowing to a minimum and makes every effort to ensure everything is repaid on time, or early if possible.


    The Loan is to be secured by 2 directors guarantees and a corporate guarantee from Holroy HOLROY HOMES (OLDHAM) LIMITED

    The Directors have a net worth of £35k, owning 2 properties between them, with a c combined estimate value of £390k and approximately £355k equity. Net worth of the directors is equity in assets after liabilities, including mortgages, debts and personal guarantees to other lenders

    09/04/2016£1,201.15£936.77£264.381227 days overdue
    09/05/2016£1,201.15£947.93£253.231197 days overdue
    09/06/2016£1,201.15£959.21£241.941166 days overdue
    09/07/2016£1,201.15£970.64£230.521136 days overdue
    09/08/2016£1,201.15£982.20£218.961105 days overdue
    09/09/2016£1,201.15£993.89£207.261074 days overdue
    09/10/2016£1,201.15£1,005.73£195.421044 days overdue
    09/11/2016£1,201.15£1,017.70£183.451013 days overdue
    09/12/2016£1,201.15£1,029.82£171.33983 days overdue
    09/01/2017£1,201.15£1,042.09£159.07952 days overdue
    09/02/2017£1,201.15£1,054.50£146.66921 days overdue
    09/03/2017£1,201.15£1,067.05£134.10893 days overdue
    09/04/2017£1,201.15£1,079.76£121.39862 days overdue
    09/05/2017£1,201.15£1,092.62£108.53832 days overdue
    09/06/2017£1,201.15£1,105.63£95.52801 days overdue
    09/07/2017£1,201.15£1,118.80£82.36771 days overdue
    09/08/2017£1,201.15£1,132.12£69.03740 days overdue
    09/09/2017£1,201.15£1,145.60£55.55709 days overdue
    09/10/2017£1,201.15£1,159.24£41.91679 days overdue
    09/11/2017£1,201.15£1,173.05£28.10648 days overdue
    09/12/2017£1,201.15£1,187.02£14.14618 days overdue