Commonsense - A Reckoning

https://www.theguardian.com/artanddesign/2019/mar/24/end-of-pier-hastings-drmm-abid-gulzar-bust-closed?fbclid=IwAR3vrlymno8hdPl6-TP61kwaqb7Fs7tETCUdpv94Hk8iKnXn8d-43GUqUcE
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We do not know whether Gulzar carried out the due diligence that Boxpark proposed. There is no publicly available plan of what he intends to do and how he will fund it. His financial mishaps raise some doubt as to whether he has the means to sustain and invest in the pier. In March 2018, during the bidding process, the credit rating of his Eastbourne pier company was 9, which means “very high risk”. Yet Smith and Williamson stated that he had “demonstrated the best immediate financial capability as well as the operational capacity and experience, including from running Eastbourne pier.”
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There was a further potential bidder, Boxpark, creator of pop-up centres for shopping and events in London, which was ready to invest £10m. Boxpark told the administrators that it required six weeks to carry out due diligence – to find out if there were any horrors in the structure that might wreck its scheme. “We don’t know a serious property company that would not do this,” says Boxpark’s CEO Roger Wade. It reduced by half the three months it usually takes to do such work, knowing there was pressure to make a decision, but it was still too long for the administrators, so Boxpark made no bid.