Tag Archives: Lloyds

Battersea Power Station: Out of the frying pan into the fire

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The horror story continues…

Nightmare on Nine Elm Street

The abysmal Vinoly plans for Battersea Power Station that we had all hoped were finally dead and buried with the collapse of previous owners REO has come back to haunt all who care about the beautiful building and the quality of life for all those living in its shadow and the surrounding area.

Just when you thought it was safe Architect Viñoly has been hired as “creative brain” behind developer Mike Hussey’s plan for a new stadium for Chelsea football club. AAAHHHHHHGGGGG……

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REO collapses into administration

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Real Estate Opportunities has been put into administration by a UK judge after its owners failed to repay debts of £501m owed to Lloyds Banking Group and Ireland’s National Management Asset Agency (NAMA).

Administrators Ernst & Young have taken control of the Grade II listed red-brick building and will now either sell the site or the debt to recover the amount owed. The creditors initially called in the loans on 29 November and REO was inviting offers for its controlling stake in the site soon after.

Lloyds told the Guardian: “From the outset we have been determined to secure a buyer who will kickstart the regeneration of Battersea Power Station and we have done everything possible to give the owners both the time and financial support to achieve this.”


“However, after several months of discussions and still no acceptable offers on the table, administration is the only means we have to ensure that a sales process is put back on track. Without a financially stable owner, the site’s future remains unclear and that’s a situation we want to avoid.”

Keith Garner of the Battersea Power Station Community Group, which opposed the Irish company’s plans, called for the power station to be returned to the public sector, with repairs to be funded by the Heritage Lottery Fund.

The group said on its blog: “For the Battersea Power Station Community Group it is just another ‘new beginning’ as the fourth developer limps off stage to boos and jeers.”

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Gagging for Olympic Funding?

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The Olympic Delivery Authority (ODA) have recently advertised some (Arts Council backed) opportunities for arts organisations, curators and producers to establish some participatory projects and temporary commissions for the areas immediately surrounding the Olympic Park site August 2010 to December 2011.

The applications can be made on the London 2012 organisers and the London Development Agency (LDA)’s online ‘dating agency’ website set up for the purpose of securing business contracts for London 2012 public sector work and other major contract opportunities.

Seeing as it’s necessary to register on the CompeteFor website to view these opportunities, my eyes were drawn to the final part of  section number 14.4 of their terms and conditions. Particularly section C:

14.4 You further agree not to:

(c) do anything which would have an adverse effect on or embarrass any Games Body, or any official supporter or sponsor of the Games.


The site’s facilities are available only to those who agree with these terms and conditions. Therefore anything which might potentially embarrass the Games Bodies, supporters or sponsors is forbidden for organisations who wish to sign up. Surely the sponsors of the 2012 Olympic have nothing to be embarrassed or even criticised about?


Oh right…

When they said “warming up”, perhaps BP and EDF took that literally? Which other sponsors might illicit some controversies? Surely not Coca Cola, McDonalds or Lloyds? Or British Airways even?

The page does not signify whether signing up to these terms and conditions includes any prior or future ’embarrassments’, potentially any groups, producers or curators who apply for the commission are blocked from it if in the past they have made any ’embarrassing’ comments or gestures towards any of these sponsors or the ODA.

Not only then are the proposed artists or groups commissioned for the project gagged from making any criticisms of these illustrious sponsors. But any who may have previously criticised these sponsors are not only excluded from the selection process but they’re not even allowed to use the CompeteFor website. The website claims it wants: “To ensure the transparency and availability of London 2012 opportunities maximising the number and diversity of businesses contributing to the London 2012 programme, and create a legacy of increased capacity and expertise.” Perhaps making organisations agree to their gagging order isn’t the best way to encourage ‘transparency’.