Troubled Concert Steps club Koco has closed, as property firm Concert Steps has had its assets taken over by receivers.
But this might be the tip of the iceberg – as the company, which owns around 20 properties in the Ropewalks area (now taken over by London based receivers) is partly owned by Max Stone, the man behind Frensons.
SevenStreets had been tipped off by a Frensons tenant about rumours surrounding the state of Stone’s property empire earlier in the summer, and about the receivers being appointed back in June – but few believed Frensons – who were bullishly developing new plans – could be experiencing difficulties.
Companies House records only reveal that the receivership order relates to “part of the property of the company” – but currently it’s not clear quite how many are affected.
Developer Mr Stone is responsible for much of the Ropewalks’ renaissance, both through Concert Steps and Frenson – the Gambier Terrace-based property company which owns much of the properties in the Ropewalks area.
The sudden closure of Koco must have come as a shock to its staff: and such a dramatic decision may hint at troubles ahead.
This deal doesn’t specifically make any mention of Frensons itself, but it surely sends out a worrying signal…