Uncertain future for Cleethorpes development projects as entrepreneur is declared bankrupt

                                                                   

Ming Yeung - financial woes

A PROPERTY development entrepreneur with significant interests in Grimsby and Cleethorpes has tumbled into a financial black hole.

It has emerged that Sze Ming Yeung, of Formby, near Liverpool, was declared bankrupt earlier this summer.

Mr Yeung, who was 58 last  Monday,  was the driving force behind two residential developments - one on the site of the former frozen food factory on Ladysmith Road, Grimsby, and the other on Hewitts Avenue almost opposite the entrance to the Tesco Extra supermarket in Cleethorpes.

The latter, known as Strawberry Fields, is only partially complete after the workforce reportedly walked off  site after not having been paid.

But Mr Yeung's dream project was to redevelop the former Pleasure Island theme park  in Cleethorpes.

His initial concept was for it to be the northern Lincolnshire equivalent of  Centre Parcs, but this was later modified to become a 272-lodge holiday park with two hotels, shops, a garden centre and a Lidl supermarket.

However, he underestimated the multiple challenges involved in securing planning consent from North East Lincolnshire Council, and the project has, for several years,  been snarled up in red tape involving flood risk, highways access and other issues.

In the meantime, Mr Yeung's other property ventures in Liverpool and elsewhere have faltered, and several of his companies have collapsed into receivership.

Mr Yeung has attributed many - if not most - of his difficulties to the impact of Covid.

The Pleasure Island revamp project is a joint venture between Lidl UK, local man Adrian Smith and Fab 2 Ltd whose director is former model Kristine Cudova who is Mr Yeung's girlfriend. 

There has been no indication that any member of the consortium might decide to wash their hands of the venture which is being processed by leading planning agents Lichfields.

The petition for bankruptcy  was filed as far back as  December 2023 by  Jeckz Investment Ltd, J&L Holdings and at least one other creditor company.

The matter is now understood to be in the hands of  Griffins, a firm specialising in insolvency, restructuring and litigation.

                                     

The announcement that was published in the London Gazette