AIFOS IS IN A BAD WAY

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25 Oct 2008 12:00 AM by MO R Star rating. 2 forum posts Send private message

Came back from our apt on 19th October.  I thought more work would be started on the hill after August but there was nothing significant throughout September up to when we left.  Started a bit of internet research (googled Aifos) and came across an article by Jack Hetherington on the "this is money" website written in September.  Gist of it is that Aifos is in a bad way - has closed its UK offices and cut its workforce in Spain by two thirds.  Company accounts were due at Companies House in July but have not arrived.  Banks are not lending to them.  Seems like they have a stockpile of completed apartments and are unlikely to build off-plan apartments any time soon.  Looks like the hill will remain as it is for the forseeable future.

Received the debtors report via e-mail.  Quite apart from the individuals who are in debt, that's quite some amount the developers owe!  If they are in the same position as Aifos, it could take a very long time to recover the debt.  Not good news for those of us who faithfully pay!


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