'Billionaire basements' firm Harry Neal on brink of going bust owing £12 million
The London builders who pioneered "billionaire basements" is on the brink of going bust.
Camden-based Harry Neal Ltd, which counts South African gambling tycoon Sol Kerzner and Swiss pharmaceuticals boss Ernesto Bertarelli among its clients, will go into liquidation next week barring a last-minute rescue.
The 124-year-old family business is responsible for the Berkeley Hotel and the Natural History Museum extension.
The financial collapse has left a trail of half-finished projects at addresses in Mayfair, Chelsea and Holland Park.
Harry Neal specialised in extensions, typically in the £5 million to £10 million range, including basements with swimming pools, gyms and cinemas.
The firm has been instructed to put Harry Neal, which owes around £12 million, into liquidation at a creditors meeting on Thursday, although reports say there are four potential buyers.
Developments that contributed to the collapse are thought to include Therese House, a student accommodation block near the Barbican, leaving losses of £1.7 million, and apartments on West Heath Road, Hampstead, where Harry Neal wrote off more than £750,000.
Harry Neal were unavailable for comment.
