CHEK Whyte spoke today of his contrition and said he may take up charity work in Africa building mud huts.

Mr Whyte owes £4.98m to unsecured trade creditors, £25m to banks and up to £2.5m to HM Revenue and Customs.

Talking exclusively to the Evening Post, he said: "If you asked any property developer at the moment, their net asset value has probably been halved.

"The banks have been watching over us for six to eight months because we are in the residential sector. We haven't sold any of our properties. If people come to buy, they can't get money. Nothing has moved for us for the last eight to ten months."

To the tradesmen to whom he owes cash, he said: "They have all worked for me for the last 10 years and for all the support I have given to them, they are supporting me at the moment.

"They are waiting for the outcome. They all know I have done my best to secure their bills in the last year. They had that much work out of me in the last 12 years – we are all in it together. They understand we are in the property sector. I have kept them all busy. The last few quid that we owe to them is where we are at.

"Richard Saville of Begbies Traynor is talking to the banks trying to find a solution which will get everybody paid."

Mr Whyte said he was always an optimist.

"I want to get people paid off All the properties we own in one way or the other will be on the market. But if you sold them today, you probably would get no money for them."

Mr Whyte said he was unsure about his own future as income from the properties will go to his creditors.

But he added: "I have done a lot of charity work all over the country and I spend two to three days a week helping kids.

"I am thinking of going to Africa building mud huts for all the starving people, a kind of contrition. I have fed thousands in this town over the last 12 years.

"A lot of people love me or will have a go at me. But I have built churches, I've helped community centres, all the stuff for terminally ill children."

Mr Whyte spoke of his shock at finding himself in acute financial difficulties in contrast to a year ago.

"Twelve months ago I was worth X amount of millions and the market has just halved, it just took it away from me."

Mr Whyte, who is chairman of Ilkeston Town Football Club, said it will continue.

"I don't actually own it. It is a limited company and will just keep on going."

He said the future of Stanford Hall and Bunny Hall will be down to Begbies Traynor.

"When we bought Stanford Hall, we re-mortgaged everything else," said Mr Whyte. "At the moment I could lose everything."

Mr Whyte said he had reached the financial point where earlier this week he couldn't fill his car with fuel, adding: "We are in the hands of the banks."

Mr Whyte said he thought he still had much to give to Nottingham.

"I am very fond of this city and even now I am talking of bringing a Chinatown, a Robin Hood Centre, the tall tower and hotel.

"But the market took me. I am no different to any other property developer.

"I hope I get through this and I am going through this pain barrier."

He said he will be guided by Begbies Traynor as to what he has to do.

But he said he was contemplating working for a charity for three to six months while he thought about his life.

"I am quite confident that with the amount of residual money left in the property rentals, hopefully they (creditors) will get paid off and basically I can work for a charity somewhere."