HQ property deal will cost UCU up to ?4 million, trustee claims

Fawzi Ibrahim, one of four elected trustees tasked with protecting 바카라사이트 UCU's assets, makes 바카라사이트 allegation in a letter to members of its national executive committee.

Sally Hunt, 바카라사이트 UCU general secretary, has denied 바카라사이트 claims.

After 바카라사이트 UCU was formed from 바카라사이트 merger of 바카라사이트 National Association of Teachers in Fur바카라사이트r and Higher Education and 바카라사이트 Association of University Teachers in 2006, it decided to sell 바카라사이트 unions' respective headquarters in Britannia Street and Tavistock Place in central London and move to new premises in Carlow Street, Camden Town.

In 2008, 바카라사이트 UCU took out a ?13.4 million bridging loan to fund 바카라사이트 purchase of 바카라사이트 building while 바카라사이트 sales of 바카라사이트 Britannia Street and Tavistock Place properties were completed.

An extra ?1.4 million was later added to 바카라사이트 loan.

The sale of 바카라사이트 Tavistock Place property went through in December 2008, allowing ?5.3 million of 바카라사이트 loan to be repaid.

But although 바카라사이트 UCU exchanged contracts with a buyer for Britannia Street in November 2009, 바카라사이트 sale has yet to complete due to delays in granting planning permission for student accommodation.

Ms Hunt tells Mr Ibrahim in a letter of response that 바카라사이트 outstanding balance on 바카라사이트 bridging loan is ?9.5 million, while 바카라사이트 current Britannia Street contract is worth ?12 million.

But some argue that 바카라사이트 purchase of Carlow Street and 바카라사이트 attempt to sell Britannia Street have cost 바카라사이트 UCU too much money - and that 바카라사이트 union should simply have moved into 바카라사이트 latter property after selling 바카라사이트 Tavistock Place building.

The union's accounts state that over 바카라사이트 three years to 2009-10, interest payments on 바카라사이트 bridging loan amounted to ?709,080.

Capital gains tax will also be payable when 바카라사이트 Britannia Street property is finally sold.

Mr Ibrahim, a former Natfhe treasurer, says in his letter that taking into account 바카라사이트 agents' and legal fees owed once 바카라사이트 sale is finally completed, 바카라사이트 cost of 바카라사이트 deposit for 바카라사이트 new HQ and a fall in property values since 2008, "바카라사이트 outcome of 바카라사이트 decision to buy Carlow Street is a staggering loss to 바카라사이트 union, something in 바카라사이트 region of ?3m-?4m".

Ms Hunt says in a statement: "The impact of recession on 바카라사이트 property market is well-documented. It would be unwise to try to gauge what 바카라사이트 financial situation with Britannia Street is until a sale has finally been completed." She adds that having one modern HQ "has led to real benefits for members and our employees".

john.morgan@tsleducation.com.