How to really make money in the CityPosted: November 12, 2009
This is the big secret to making money in the City of London – rent out scaffolding to the City Corporation.
In September 2008, a piece of ironwork fell off the Holborn Viaduct bridge, and the approved scaffolding contractor was called in to make emergency works to protect passers-by. This week, 14 months later, the City’s planning and transport committee approved a £2.56m refurbishment project. But the corporation hasn’t any money yet in the budget to do the work, so goodness knows when it will actually take place.
Meantime, the scaffolding is being rented at £5,000 a month. The contractors have declined to sell it in situ (no wonder!) and are gambling on the City Corporation not getting round to buying some from another scaffolding company and having them install it instead.