1990s Carroll Group
the galleria, hatfield.
around mid 1990, there began speculation in city of london carroll group had over-extended itself. observer, described group 1 of britain s largest private enterprises , reported chief executive of carroll industries corporation, anthony clarke, flatly denied wrong, stating pre-tax profits year ended 30 march 1990 £13 million compared £14.1 million eleven months ended 30 march 1989. paper noted, however, increase in debt £1.5 million in august 1988, £141 million in july 1989 , £148 million in march 1990.
the technically ambitious project build galleria shopping centre above a1(m) motorway @ hatfield, hertfordshire, budgeted @ £50 million cost £90 million time finished 18 months late. carroll refinanced project , injected £30 million. opened in 1991 bankers samuel montagu placed scheme in receivership in 1992. afterwards, records found showing purchase of bugging equipment , employment of private detectives watch bankers involved.
in july 1992, rescue operation carried out in conjunction midland bank , £100m of assets moved carroll foundation urban finance corporation limited incorporated on 10 april 1992 , last filed accounts year ended 31 march 1993.
despite looming trouble rising debts, gerald carroll continued try make deals. in september 1992, visited russia executives british sugar corporation, ex-foreign office diplomats , former british ambassador moscow, meet russian vice-president alexander rutskoi. carroll had come deal sell siberian oil in order bsc expand sugar beet production in kursk region send sugar siberia there supposedly shortage. deal fell apart when transpired siberians had sold same oil 3 different buyers.
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