Chris Parsonage empire owes £1 million

First it was Richard Carr’s development company going bust and now it looks like Plymouth based Chris Parsonage is up to his neck with financial problems as it’s reported his company owes in excess of £1 million. The recession has affected builders and developers throughout the UK and Parsonage, who built up a multi-million pound empire after starting off life as a builders labourer is no exception.

We understand he still owns his Class 1 outfit ‘Negotiator’ and this might have to be sold to help towards paying off the debts.

It was Chris who played a major part in bringing a round of the World Class 1 championships to Plymouth and the events attracted huge crowds but lack of sponsorship resulted in Chris footing most of the costs.

However, unlike Carr, who was made personally bankrupt, it’s Parsonage’s company Gervas Property that owes the money and he has entered into a Company Voluntary Arrangement (CVA) with creditors in the hope of staving off a winding up order or going into administration.