Subject: Regen Facades – Financial Risk Confirmed by Forensic Expert
Date: 1 August 2025
From: Maltings Close Residents Association (MCRA)
Dear Residents,
We are writing to update you on serious concerns regarding Regen Facades Ltd, the contractor appointed by Bellway to carry out cladding remediation works at Maltings Close.
Following months of unanswered questions, we have now received an independent forensic report from Chris Makin FCA FCMI FAE QDR MCIArb, a leading court-accredited forensic accountant. His findings are deeply troubling: Regen Facades is financially unstable, potentially insolvent, and unfit to deliver publicly funded remediation.
🚨 Key Findings from Chris Makin’s Report
- Net current assets only £38,577 – Alarmingly low cash reserves for a company tasked with major construction works.
- £1.6 million PAYE tax debt – Despite employing just 14 staff, Regen owes HMRC £1.6m in unpaid tax (£116k per employee). If HMRC enforces this debt, Regen could collapse mid-project.
- £3.67 million in unexplained “debtors” – Accounts show money owed by “group” or “other” entities owned by its Directors, not commercial clients. This raises serious red flags for phoenix activity and fund diversion.
- Altered accounts – Regen’s 2024 financial statements were changed and re-uploaded in 2025 without explanation, breaching accounting rules and suggesting even greater financial instability.
📄 [Full forensic report available – enable images below]
🚫 HSE Prohibition Notice – Safety Failures
Shortly after incorporation, Regen was issued a Health & Safety Executive (HSE) Prohibition Notice for creating an immediate risk to life or serious injury on site.
This sanction remains live, and no evidence has been provided that Regen has passed a compliance review or safety audit since.
🏚 Regen = Jessella in Disguise
Regen Facades shares the same office, directors, senior staff, and operating model as Jessella Ltd—the failed contractor removed from Dalston Square after leaving residents trapped in unsafe, unfinished blocks.
Regen is widely seen as a phoenix company, set up to continue trading after Jessella’s collapse—at residents’ expense and risk.
⚠Dalston Square Disaster – What We’re Trying to Avoid
When Jessella collapsed mid-project, Dalston Square residents were left:
- Living in scaffolding for over five years.
- Unable to sell or remortgage their homes.
- Without fire safety sign-off, leaving buildings uncertifiable.
- Trapped in disputes between developers, insurers, and residents.
Regen is even financially weaker than Jessella was before it failed. If works start at Maltings Close and Regen collapses—as is foreseeable—we risk being left in unsafe, scaffolded homes with no plan for completion and no recovery route.
đź”’ Bellway Still Withholding PAS 9980 Safety Report
Despite legal obligations, Bellway refuses to release the PAS 9980 Fire Risk Assessment—the document justifying the works.
Without this report:
- Residents cannot verify if the works are necessary, appropriate, or costed correctly.
- Mortgages, insurance, and the right to challenge future costs may all be affected.
âš– Legal Action Now Underway
To protect residents, MCRA has:
- Launched County Court injunction proceedings (currently before District Judge Hayes at Clerkenwell & Shoreditch County Court) to restrain Regen from starting works.
- Escalated the matter to the Ministry of Housing, Local Government and elected officials.
- Prepared a press campaign and are in active discussions with national media.
This may become one of the first resident-led challenges to a Developer Remediation Contract (DRC) appointment in the UK.
💡 This Is Not Obstruction – It’s Protection
We want to be absolutely clear: we are not trying to obstruct or delay vital remediation works.
What we demand is that these works are carried out by a competent, solvent, and safety-compliant contractor—not by a phoenix company with a live prohibition notice and millions in tax debt.
Many of us have lived here for years and witnessed TTMC’s poor management—broken gates, unfinished works, neglected repairs—despite high service charges. TTMC cannot be trusted to oversee something as critical as cladding remediation.
Yes, some leaseholders may want to sell and move on. But many of us live here, raise families here, and cannot simply walk away. Our safety and investment must come first.
This is about accountability, transparency, and protecting residents for today and for the years ahead.
With thanks and solidarity,
Amar Lodhia
Chairman – Maltings Close Residents Association
👉 (Click the link to read the full article online) – http://eepurl.com/jkqW8s