ESSEX, ENGLAND-Bourne End Properties of London has sold the 335,000-sf Victoria Plaza Shopping Centre here for $50.4 million. The property is located in Southend-on-Sea, the largest town in Essex and the closest resort to London. Victoria Plaza houses 98 stores and five restaurants. The stores include Wilkinsons, Argos and Virgin. The restaurants include Wimpy. The sale of Victoria Plaza leaves one asset in Bourne End’s portfolio, and it, too, is in the process of being sold.All of the outstanding stock in Bourne End was acquired in December 2000 by a group of investors led by Fog Cutter Capital Group of Portland, OR. Other investors include Merrill Lynch (Jersey) Holdings Limited (a subsidiary of Merrill Lynch & Co., Inc.) and Greenbau Estuary Limited (an affiliate of Catalyst Capital LLP, formerly known as The Greenwich Group International). At the time of the acquisition, Bourne End had approximately $245.1 million (GBP 169.6 million) of assets and $177.9 million (GBP 123.1 million) of debt. Its portfolio included 1.7 million sf in 15 shopping centers. The portfolio now includes just one property, a 74,000-sf retail center that should be liquidated in the next 12 months. Fog Cutter company executive Scott Stevenson did not return a phone call seeking comment.The business strategy of Fog Cutter Capital Group is developing, strengthening and expanding its restaurant and commercial real estate mortgage brokerage operations and continuing to identify and acquire real estate investments with favorable risk-adjusted returns. The company’s operating segments consist of restaurant operations conducted through Fatburger Holdings Inc.; commercial real estate mortgage brokerage activities conducted through George Elkins Mortgage Banking Co.; and real estate, merchant banking and financing activities. On July 20, Nasdaq notified the company of a staff determination to de-list Fog Cutter. Fog Cutter appealed the determination, and will remain listed while the Listing Qualifications Panel’s decision is pending. The company’s share price closed Friday at $4.14, down $0.08 on the day.The de-list recommendation is related to the company’s decision to pay its co-chief executive Andrew Wiederhorn and controlling shareholder a salary and a $2-million “leave of absence” payment while he is incarcerated for charges related to his operation of another company, Wilshire Financial Services.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.