Posted: Fri Jun 22, 2012 11:28 am
Similar story with a plastering contractor I knew. He and two other 'buddies' bought into a restaurant. One a plumber, one a sparks, so the idea was to individually use their trades to get it up and running for an early retirement.GB_Groundworks wrote:my dad had a bad one on a big development with a 40+ year friend, the friend owned the site old car garage we built the houses(5x5 bed and 8x2 bed apartment) and then he was to get 750K, done on hand shake the guy was sinking faster than the titanic unbeknown to us he remortgaged the site to the tune of 1.8m cost my dad big, 15 years hard work gone in a flash the guy owes us £960k i wanted to kill him, but the guy hasnt got anything his house is mortgaged for 2m probably worth 1.2 if that. the debts there, weve bankrupted him but we aint ever going to see it, damn shame as that would have bought a lot of new plantyou gotta laugh or youd cry
Unbeknown to the other two, the main guy (sparks) mortgaged the place upto the eyeballs and bought another place down the road.
The plasterer lost the lot, he had 25 or so blokes working for him at the time, when he told me this story, he had just turned 63 and was on a job struggling his balls off on his tod. He offered me half of what he could get out of him if I could find him.
