SX Landlords Link To Tax Havens
Wednesday 15th June 2011
GMB STUDY OF
SOUTHERN CROSS LANDLORD LOYDS (IN ADMINISTRATION) SHOWS LINKS TO
ISRAEL, POLAND, SINGAPORE, BRITISH VIRGIN ISLANDS, CHANNEL ISLANDS,
SWITZERLAND ANDBACK TO
ISRAEL
Since rents of
nearly £9m, of mainly public money was flowing through these Loyds
vehicles, it is high time that an All Party Select Committee
investigated the Southern Cross landlords who get £240m in rent and
their links to tax havens
One of the 80 Southern Cross
landlords is Loyds Property Investments which owns 49 homes across
the UK. The company is in administration. Daniel Smith from Grant
Thornton is the administrator. He is chair of the landlords
committee.
A meeting between the
landlords, Southern Cross, the banks and Government is taking place
today. A GMB request that the staff be represented at these talks
has been rejected. National media has reported today that the
landlords plan to seize control of two thirds of the homes. GMB is
writing to the landlords pointing out to them the legal rights of
the staff. GMB will release this letter to the press.
This is what GMB has
established about Loyd’s Property Investments (correct spelling).
Directors: Yoram Yossifoff (lives in Tel Aviv) and Ahron Frenkel
(lives in Warsaw)
Parent company – Golden Star
Holdings Private Ltd, a company registered in Singapore. The
ultimate parent company is Loyd’s & Associates Inc, a company
registered in the British Virgin Islands.
Bought the care homes from
Blackstone in 2005 for £194m. Their website (http://www.loyds-inv.com/UK2.HTML)
claim the value was worth £285m. Company collapsed in 2010 and run
by administrator, about 60 care homes.
Loyds Careco UK Ltd
(shareholder Loyds Nursing Homes UK Ltd) in administration. Daniel
Smith from Grant Thornton is the administrator and he will know who
the creditors are. He is chair of the landlords committee. Loyds
Nursing Homes UK Ltd (shareholder Braxton Ltd c/o Wintrust Ltd) in
administration. There are several other Loyds Companies (Loyds
Securities, propco no 1, no 2, etc) all in admisisration.
Braxton Holdings,
incorporated in the Channel Islands is the immediate parent
(Directors all based in Switzerland) and Arazim Investment Ltd, a
company incorporated in Israel, is the ultimate parent company.
Director of Arazim is Mr Meir Gurvitz, 296 Golders Green Road, NW11
9PY and also current director of several property companies
including LC Prop Co Ltd. Other directors are Chaim Deutsch, Joseph
Gurvitz and Dina Vecht.
Shareholder of LC Prop Co is
Garrett Advisors Ltd, incorporated in the British Virgin Islands.
See notes to Editors for diagram of the links. A document by King
Sturge the property advisor shows the rents in 2009 for the 49
homes. The infomation is set out below. The rent shown is the
actual rent wheras the accounting rent is approx 25% higher under
IAS 17 which requires rents to be smoothed out over lifetime of
thelease. This is the first time GMB have established the rent per
home.
49 Southern Cross homes owned by Loyds
Property Investment by Region – in administration.
|
beds
|
care home
|
address
|
rent paid
2009
|
rent per
bed
|
|
|
|
|
|
|
|
North
East
|
|
|
|
|
|
36
|
Elizabeth Fleming
|
(off Market Street) Hetton-le-Hole
|
£129,500
|
£3,597
|
|
46
|
Langley Park
|
Front Street, Langley Park, Durham
|
£66,229
|
£1,440
|
|
47
|
St Helens
|
6 Manor Road, St Helens, Bishop Auckland
|
£146,487
|
£3,117
|
|
48
|
Sunningdale House
|
Dean Road, Hexham
|
£193,167
|
£4,024
|
|
50
|
Sunningdale Lodge
|
Dean Road, Hexham
|
£176,610
|
£3,532
|
|
40
|
Wansbeck
|
Church Avenue, West Sleekburn, Choppington
|
£133,517
|
£3,338
|
|
267
|
|
|
£845,511
|
£3,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
West
|
|
|
|
|
|
48
|
Aarondale
|
Sunny Brow, Off Chapel Lane, Coppull,
Chorley
|
£156,173
|
£3,254
|
|
29
|
Half Acre
|
Higher Ainsworth Road, Radcliffe
|
£101,330
|
£3,494
|
|
44
|
Heywood Court
|
Green Lane, Heywood, Rochdale
|
£137,977
|
£3,136
|
|
39
|
Hill View
|
Hurst Lane, (off Cranshaw Street) Rawtenstall,
Rossendale
|
£152,114
|
£3,900
|
|
30
|
Hulton Care
|
Clarke's Brow, Middleton, Rochdale
|
£96,132
|
£3,204
|
|
28
|
Jonathan Grange
|
Micklehurst Road, Mossley,
Ashton-under-Lyne
|
£107,291
|
£3,832
|
|
67
|
Laburnum Court
|
8 Priory Grove, Off Lower Broughton Road,
Salford
|
£428,866
|
£6,401
|
|
53
|
Oakland
|
130 Kenyon Lane, Moston, Manchester
|
£204,974
|
£3,867
|
|
41
|
Priory Park
|
Priory Cresent, Penwotham, Preston
|
£147,911
|
£3,608
|
|
379
|
|
|
£1,532,767
|
£4,044
|
|
|
|
|
|
|
|
Yorkshire& The
Humber
|
|
|
|
|
|
37
|
Botham Hall
|
Botham Hall Road, Milnsbridge,
Huddersfield
|
£169,987
|
£4,594
|
|
34
|
Hartwell
|
117 Jumble Lane, Ecclesfield, Sheffield
|
£112,655
|
£3,313
|
|
40
|
The Lodge
|
Bridge Street, Killamarsh, Sheffield
|
£143,054
|
£3,576
|
|
111
|
|
|
£425,696
|
£3,835
|
|
|
|
|
|
|
|
East
Midlands
|
|
|
|
|
|
45
|
Brimington
|
73 and 77 Manor Road, Brimington,
Chesterfield
|
£178,818
|
£3,974
|
|
59
|
Churchfield
|
Off Churchfield Drive, Rainworth,
Mansfield
|
£207,627
|
£3,519
|
|
32
|
Greenfields (Alton Centre/Arkwright)
|
290 Station Road, Irchester,
Wellingborough
|
£298,029
|
£9,313
|
|
49
|
Kilburn (R&N)
|
Dale Park Avenue, Kilburn, Belper
|
£202,660
|
£4,136
|
|
24
|
Stocksbridge Neuro-Rehabilitation Centre
|
2a Haywood Lane, Stocksbridge, Sheffield
|
£357,635
|
£14,901
|
|
35
|
The Heights
|
Ankerbold Road, Old Tupton, Chesterfield
|
£128,749
|
£3,679
|
|
39
|
The Old Vicarage
|
Newcastle Avenue, Worksop
|
£149,015
|
£3,821
|
|
40
|
The Vale
|
Castle Lane, Bolsover, Chesterfield
|
£143,054
|
£3,576
|
|
45
|
Whittington
|
40 Holland Road, Old Whittington,
Chesterfield
|
£154,975
|
£3,444
|
|
368
|
|
|
£1,820,563
|
£4,947
|
|
|
|
|
|
|
|
West
Midlands
|
|
|
|
|
|
37
|
Ashbourne
|
Lightwood Road, Dudley
|
£134,665
|
£3,640
|
|
59
|
Fernwood Court (Churchill Crt)
|
300-310 Wolverhampton Road West, Bentley,
Walsall
|
£220,763
|
£3,742
|
|
50
|
Holbeche House
|
Wolverhampton Road, Wall Heath,
Kingswinford
|
£179,922
|
£3,598
|
|
45
|
Hornegarth House
|
204 Walsall Road, Great Wyrley, Walsall
|
£220,763
|
£4,906
|
|
45
|
Keresley Wood
|
Tamworth Road, Keresley, Coventry
|
£163,916
|
£3,643
|
|
36
|
Milverton Gate (Stoke Lodge)
|
Dawson Road (off Aldermoor Lane), Stoke,
Coventry
|
£144,842
|
£4,023
|
|
272
|
|
|
£1,064,870
|
£3,915
|
|
|
|
|
|
|
|
Eastern
|
|
|
|
|
|
76
|
Alexandra Care
|
46 Alexandra Road, Hemel Hempstead
|
£455,771
|
£5,997
|
|
6
|
Kirby House
|
135 West Street, Dunstable
|
£22,076
|
£3,679
|
|
40
|
Romford Grange
|
144 Collier Row Lane, Romford
|
£247,364
|
£6,184
|
|
122
|
|
|
£725,212
|
£5,944
|
|
|
|
|
|
|
|
South
East
|
|
|
|
|
|
48
|
The Albany
|
7 London Road, Headington, Oxford
|
£437,110
|
£9,106
|
|
16
|
The Crown
|
High Street, Harwell, Oxon
|
£97,136
|
£6,071
|
|
64
|
|
|
£534,245
|
£8,348
|
|
|
|
|
|
|
|
South
West
|
|
|
|
|
|
40
|
Kingswood
|
Wotton Road, Kingswood, Wotton-under-Edge
|
£209,724
|
£5,243
|
|
|
|
|
|
|
|
Wales
|
|
|
|
|
|
41
|
Bargoed
|
Heol Fargoed, Bargoed
|
£128,749
|
£3,140
|
|
33
|
Red Rose
|
Park Road, Garden City, Ebbw Vale
|
£119,212
|
£3,612
|
|
40
|
The Rookery
|
Queen Square, The Crescent, Ebbw Vale
|
£118,108
|
£2,953
|
|
31
|
Ty Hafod
|
Llantrisant Road, Capel Llanilltern
|
£101,551
|
£3,276
|
|
65
|
Valley View (Hengoed Hall)
|
Dan-y-coed, Cefn Hengoed
|
£228,887
|
£3,521
|
|
210
|
|
|
£696,506
|
£3,317
|
|
|
|
|
|
|
|
Northern
Ireland
|
|
|
|
|
|
65
|
Ardmaine
|
Fullerton Road, Newry
|
£298,029
|
£4,585
|
|
58
|
Dunlarg
|
224 Armagh Road, Keady
|
£241,215
|
£4,159
|
|
46
|
Longfield
|
2 Longfield Road, Eglinton
|
£172,313
|
£3,746
|
|
48
|
Nightingale CC
|
34 Old Eglish Road, Dungannon
|
£177,184
|
£3,691
|
|
55
|
Pond Park
|
2 Derriaghy Road, Lisburn
|
£199,958
|
£3,636
|
|
272
|
|
|
£1,088,699
|
£4,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,105
|
NATIONAL AVERAGE for 49
homes
|
|
£8,943,794
|
£4,249
|
Justin Bowden GMB National
Officer said “GMB representing a large number of the
42,500 staff requested a seat at today’s round table of landlords,
bankers, Government and Southern Cross on the future of the
company. We have had no response except from Southern Cross who
turned down the request. We do not even know where the meeting is
taking place.
On Monday
13th June it was reported that the landlords had
appointed restructuring experts AlixPartners to advise them on the
way forward. BBCnational news
this morning is reporting a source close to the landlords as saying
that two thirds of the homes will be put under new management. GMB
suspect that there is a link. We do not know if this is sabre
rattling or whether it is real. Since tens of thousands of staff
are affected the legal rights of the care and support staff need to
be protected. GMB as the recognized union will enforce their rights
under the transfer of undertakings legislation and their legal
rights to information and consultation.
The landlords
committee is being chaired by
DanielSmith the administrator of Loyds
Property Investment which owns 49 homes. This company has links
to Israel,
Poland,
Singapore,
BritishVirginIsland,
Channel Islands,
Switzerlandand back to
Israel.
It is virtually
impossible to piece together the jig saw of all the tax havens
involved in the ownership of these 49 community facilities. Since
rents of nearly £9m of mainly public money was flowing through
these vehicles it is high time that an All Party Select Committee
investigated the Southern Cross landlords who get £240m per year in
rent and their links to tax havens.
Months into this
crisis GMB know the identity of only 11 of the 80 landlords who are
briefing national media on how they will seize control of the homes
(See note 3). The scandal that is Southern Cross gets worse as the
Loyds jig -saw shows”.
End
Contact Justin Bowden GMB
National Officer 07710 631 351 or GMB officers in regions: Paul
Maloney South East and South West 07801 343 839 or Amanda Gearing
West Midland 07957 265 678,or Barry Fletcher Scotland 07921 885775
or Jon Smith Yorkshire 07918 905 615 or Kelly Andrews Wales and
Avon 07980 753 131 or Shaun Graham London and Eastern 07885
706 556, or Martin McGinley East Midlands 07977 161 305, or Karen
Atkinson North West 07740 8040 51 or Suzanne Reid Northern Region
07870 176 728 or Eamonn Coy Northern Ireland 07968 109 355
Notes to
Editors
1 Corporate
diagram
The director of Loyds
Property Investments Ltd, Yoram Yossitoff, was also a director of
Loyds Nursing Homes UK Ltd.
The Loyd’s Property
Investments website (http://www.loyds-inv.com/UK2.HTML)
states that it is a subsidiary of Loyd’s Group of Companies and its
current asset and projects portfolio contains NHP Nursing
Homes.
2 Report on Sky News blog.
Exclusive: Southern Cross Landlords Hire Restructuring
Specialist
Mark
Kleinman June 13, 2011 3:06 PM
Landlords of the care homes
operated by the stricken Southern Cross Healthcare Group have
drafted in a leading City firm ahead of a crucial meeting today
which could determine the company's future.
I have learned that the
landlords committee, which meets later this afternoon, has
appointed AlixPartners, a restructuring specialist, to advise it on
a looming overhaul which could see Southern Cross shed hundreds of
homes to rival operators.
I understand that a
statement will be made after the meeting finishes this evening,
with talks scheduled with the Department of Health and Southern
Cross's lending banks later this week.
The appointment of
AlixPartners is significant because it underlines the extent to
which Southern Cross's fate is rapidly being removed from its own
hands.
If the landlords do agree to
a consensual restructuring, then it's conceivable that a smaller
Southern Cross will emerge in the months ahead.
But if that doesn't prove to
be a viable scenario (and there are plenty of stakeholders who
believe from a financial - if not public relations - perspective
that they ought to force the company into administration) then
whatever the company says, a smooth transition will be tricky
manage.
And that will mean that
Southern Cross - and the stories of thousands of its concerned
care-home residents - will continue to figure prominently on the
news agenda for some time to come.
Southern Cross and
AlixPartners declined to comment.
3 Southern Cross landlords
GMB is aware of: London & Regional; Vector Property Group; NHP;
Loyds Properties; Zest Investment Group; Bondcare Group; Four
Seasons ; Prestbury Investments LLP; Lifestyle Care and Care UK.
These own over 500 of the 753 homes.