ENTREPRENEUR Richard Carr's property company has gone into administrative receivership, just days after his nightclub and bar firm suffered the same fate.

The Daily Echo can exclusively reveal that Poole-based Ravine Lifestyle, which has eight prime sites in Canford Cliffs and Poole worth £35 million, is in the hands of administrators.

Still struggling to come to terms with losing a third of his personal wealth earlier this week, the 49-year-old chairman of Future 3000 candidly admitted: "This is a massive blow to me and the six full-time staff who work at Ravine Lifestyle Ltd's head office.

"I want everyone to know that the construction work will be completed by the bank, so workers on the building sites don't have to worry.

"The reason is that the bank is concerned about the lack of sales. The marketplace is substantially slower than originally envisaged.

"Some sites are completed, some are under construction," he added.

The 49-year-old businessman said: "It is fairly catastrophic to say the least and I'm still in shock.

"This is a huge personal blow and I don't know where I will go from here. I need to think very long and hard about what happens next.

"The whole problem has been linked to property. Future 3000 had been helping to support the Ravine group.

"There were cross guarantees between the two companies," said Mr Carr, Ravine Lifestyle's owner and chairman.

"We are talking about properties with a current value of about £35 million and a substantial majority of my network.

"Like the nightclubs and bars, the property company is now only worth whatever the administrators will get for it."

Deloitte have been appointed administrators to Future 3000 and Ravine Lifestyle.

Partner in Deloitte's Reorganisation Services Practice Lee Manning told the Daily Echo: "We are continuing to trade the business (Future 3000) as a going concern whilst seeking a buyer."

  • Future 3000 has 31 full-time employees and a forecasted turnover of around £9 million this year with net operating profits in the region of £1.5 million.