In regard to the Brentford Dock Regeneration, it would appear that the Board has already taken the unilateral decision that Playle & Partners be instructed to carry out the so-called “regeneration” of Brentford Dock. Shareholders have already paid for preliminary work to be carried out by a rival company but have been denied the opportunity of seeing any alternative: a waste of Brentford Dock Ltd shareholder’s money and totally undemocratic.
BDL Minutes of the 12th October 2017. MR & Co. Management Report Item 5 Redevelopment projects.
BDL Minutes of the 9th November 2017. MR & Co. Management Report Item 3 Development Consultants. It is noted that two companies had already been shortlisted and interviewed.
These are the only two references made by the board to shareholders in the entire 2017 minutes when considering the redevelopment of underused buildings on Brentford Dock. The BDL 12th October 2017 minutes only became available online to Brentford Dock residents on the 7th of February 2018, a week before the AGM. The BDL 9th November 2017 minutes went online on the 16th February 2018. It was only after the 15th of February AGM that the 9th November 2017 minutes were uploaded and made available to shareholders!
Were these decisions made out of committee and not appropriately minuted?
It is noted that minutes have consistently been posted late to the Brentford Dock website, keeping Brentford Dock residents in the dark as to what is happening on site.
How realistic is it to expect that the proposed development and sale of new properties (in the Marina area) will generate sufficient income to provide improved communal facilities?
Have the Brentford Dock board considered freezing the service charges to shareholders?
It could already be argued that shareholders are already paying too much for services provided on site, i.e. Michael Richards & Co., the number of management staff in the office and the VAT paid on an office staff member’s salary. His salary should already be included in MR&Co’s management fee. There is also the issue of the chairman of BDL’s salary (“honorarium”).
Why was this Brentford Dock Regeneration project not completed during the long period of low interest rates? Brentford Dock shareholders have been informed that the loan for the redevelopment of the office was still outstanding and therefore interest is being paid to the lenders. Why has this not been paid off?
Brentford Dock Directors stated that the costs of the current office development, the development of the staff rest room and the former office opposite the new office would be offset by the profit obtained from the new flat. There was also the high cost to shareholders of the paving outside the management office and the creation of a new parking space for the new flat. Was the indicated figure of a £248k profit referred to by another director in the minutes at more than £300k actually achieved? The letter states that the profit would “kick-start the next phase.” How much will this project cost residents?
It should be borne in mind that the funds generated by Brentford Dock Enterprises Ltd (“BDEL”) are BDL shareholder funds not the plaything of the board of Directors.
How much will Michael Richards & Co. make from this venture? How much has Michael Richards and Company made from Brentford Dock since they started at Brentford Dock?
From the “Brentford Dock Regeneration” note it would appear that Veronica Wray is now the chairman of Brentford Dock Enterprises Limited as well as the chairman of Brentford Dock Limited. If correct she is now in a totally dominant position: all powerful with no counterbalance or significant check to her authority. The chairman now has total control and autonomy over shareholders’ money. How can so much power invested in one person be beneficial to shareholders or residents? No explanation has been given and when was this decided? Is this a temporary measure? Or is it a ruse whereby both positions are paid a “salary”?
Finally, why is the Brentford Dock Regeneration consultation open to all: shareholders and tenants alike? Shouldn’t shareholders alone be eligible to propose suggestions in view of the fact that it is they and not tenants (who have no financial investment in Brentford Dock) who are ultimately liable for the costs of all work carried out? Brentford Dock Enterprises Ltd (“BDEL”) is a wholly-owned subsidiary of Brentford Dock Limited (“BDL”) and BDL belongs to all shareholders.
Regards,
Concerned Shareholders