A Plymouth property management company has gone bust leaving debts of more than £2m – with creditors left in tears and informing the police.
Devon Block Management Ltd (DBM) has called in liquidators with documents filed at Companies House revealing huge sums are owed to the residents’ management companies at numerous apartment blocks in Devon and Cornwall.
These companies are formed by residents who pay into accounts to cover such things as service charges and to create reserves.
They are now wondering where their money has gone with DBM’s statement of affairs saying more than £2m is likely to end up unpaid.
PlymouthLive has contacted Sean Nicholson, director of DBM alongside wife Elaine, but has yet to receive a reply.
Those blocks…