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SALFORD FAILED REGENERATION COMPANY TAKEOVER
 

Star date: 16th August 2011

HIGHER BROUGHTON MESS NO CLEARER

Inpartnership, one of the three companies involved in the failed regeneration of Higher Broughton, has been bought by Sigma Capital Group.

However, Inpartnership's new owners couldn't give the Salford Star any timescale for the completion of the so-far flopped Broughton Green scheme…

Full story here…


Higher Broughton Higher Broughton Higher Broughton
Higher Broughton Higher Broughton Higher Broughton
Higher Broughton Higher Broughton
click image to enlarge

The tangled web that is the `regeneration' of Higher Broughton got another spin yesterday as the Sigma Capital Group announced its takeover of Inpartnership, the company run by Duncan Sutherland and Graeme Hogg, that was supposed to sort public sector regenerations schemes.

Inpartnership had an operating loss of £74,000 at the end of March and the company, which was involved with three big projects worth £millions across the UK, was sold for just £347,000.

Back in March, Salford Star called for a Public Inquiry into the whole regeneration of Higher Broughton which has so far swallowed £38,548,879 of public money with very little to see – click here for further details.

On its last set of public accounts the Higher Broughton Partnership - made up of Salford City Council, Inpartnership and the Royal Bank of Scotland – had liabilities of £5.681million, and owed its creditors £12.375million, including a bank loan of £10.75million from the RBS. Meanwhile, the whole Higher Broughton Partnership has been restructured and a new company formed "to safeguard against potential future claims".

The Broughton Green scheme, consisting of huge expensive houses and flats, continues to be propped up with public money. For instance, orthodox Jewish housing association, Agudas Israel, took over dozens of properties that didn't sell in the `award winning' complex, including 12 houses for social rent, backed by a whopping Government grant of £2.2million, or £183,000 per house. Recently, Salford Council failed in its bid to the Government for Regional Growth Fund money for the scheme to `regain momentum' on the project.

Inpartnership's role in the Higher Broughton Partnership is to manage the development work in the area, and get paid a management fee plus a slice of any profits.

Yesterday, its new owners Sigma Capital stated that the Partnership "is currently in the final negotiations for the delivery of a new health centre and approximately 6,700 sq.ft. of local retail units80 new homes and the development of the final main street frontage site previously housing a high rise apartment block."

We asked Sigma how much it will invest in the scheme and an accurate timescale for when work will begin. We didn't get an answer, just a further quote from Inpartnership's Duncan Sutherland…

"This is very good news for Inpartnership and particularly the company's partners" he said "It brings substantial added resource and expertise to the delivery of Inpartnership's projects within each of the partnerships. It also gives the company the ability to bring new and innovative forms of investment into our public sector partnerships at a time when public spending and resources are extremely scarce.

"It will be business as usual for the company, with the increased vigour and resource brought to us by Sigma" he added "and we look forward to working with our existing partners and new partners to build on our record of partnership and achievement."

We're sure that Higher Broughton residents will draw their own conclusions…

 

Shoddy wrote
at 6:46:43 AM on Sunday, November 20, 2011
For the last couple of months, contractors have been doing work on the houses at Broughton Green. These houses are five years old. It seems that because they are timber framed, that they have settled and that is causing problems with the windows.I was told that the work will continue for months. I,d guess that virtually every house built in the name Salford regeneration in the last 5 years will have been built a similar way. If so then it looks like there will be ongoing problems for years to come. Then I suppose it will be Compulsory purchase and regeneration all over again. I,d guess by 2022 that parts of lower Broughton will be getting "thinned out and re modelled" and many of the clowns at the council will still be involved.
 
john moore wrote
at 2:39:35 AM on Saturday, October 22, 2011
As a student in the area 7 years ago this area was a disaster zone, now its nice. Glad i didn't pick regeneration as a career as it seems a pretty thankless task.
 
another resident wrote
at 2:49:43 PM on Sunday, August 21, 2011
I was talking to someone who bought a new house in the new Vincent Street today. They told me that a few people are waiting for jobs to be done on their houses and that the contact at the council, and I assume the builders, do not seem interested. Among these jobs are the tiles cracking and coming away from the wall. Shoddy all round.
 
Broughton resident wrote
at 12:13:49 PM on Saturday, August 20, 2011
"A vibrant community for the future ?" don't think so. "A vibrant annuity for the fatcat ?"
 
Nachtschlepper wrote
at 1:26:33 AM on Wednesday, August 17, 2011
Aint it funny how a story like this has so few comments & the riots articles attracted so many "flog em hang em" posts. Does it make you think how many "Salford citizens" et at really care about this fair town?
 
jim devine wrote
at 5:01:35 PM on Tuesday, August 16, 2011
More great journalism but i feel the worms might well have gone back underground. Like yer mysteryman shitisin Salford.
 
Monorail man wrote
at 10:21:40 AM on Tuesday, August 16, 2011
Whenever I see articles about the "regeneration" of Broughton and Inpartnership's and Duncan Sutherland,s involvement, I cant help but think of the Simpsons episode where they build a monorail in Springfield. It turned out to be a shoddy disaster and the "monorail man" disappeared with a suitcase full of money.
 
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