High rolling Property tycoon in spread betting enquiry
Published on 12 February 2009
A British property entrepreneur risks losing everything after becoming embroiled in a legal dispute over what is claimed to be an unpaid multimillion-pound spread betting bill.
Paul Kemsley who was once the Vice Chairman of Tottenham Hotspur is one of the sector's most colourful characters and many are shocked by the latest developments. The dispute has arisen over an alleged debt with online betting company Spreadex. Papers have been served and Kemsley is defending the action, which could be resolved next month.
Kemsley, from Stanmore in Middlesex, is also involved in a high court action with England and Chelsea midfielder Frank Lampard. The duo are suing Vantage Capital Management over the termination of a dollar foreign exchange position. Kemsley and Lampard claim a communication breakdown caused by VCM meant they missed out on tens of thousands of pounds, but VCM is defending the action.
It is understood Lampard turned to Kemsley for advice when he wanted to buy a property in the US. Kemsley advised the footballer against such a move, instead suggesting that he bought dollars. Kemsley had a dollar account worth more than £50m but Lampard's was nowhere near that sum.
Kemsley has a debt facility with HBOS thought to be worth £500m which, it is understood, is unaffected by HBOS's takeover by Lloyds.
He has a history of making property investment and share transactions and built up a large position in property firm Quintain. He sold his stake to HBOS, which then unsuccessfully attempted to buy the whole company.
In 2004 Rock, his investment vehicle backed by currency speculator Joe Lewis, built up a 28% stake in Countryside Properties. Kemsley sold to Alan Cherry, the chairman and founder of Countryside, with backing from HBOS, making a £12m profit.
His most spectacular deal involved a building in the heart of the City, which Kemsley and HBOS bought for £40m and sold for a £30m profit to a former Russian deputy finance minister, just five months later.
In the 2008 UK series of ‘The Apprentice’ in the penultimate episode he was one of the four 'big business' interviewers the candidates needed to go through.
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