Warner Estate Holdings PLC (00870816): administration
- Status
- Administration ended
- Administration began
- 2013-08-28
- Administrators
- Mark Newman, Vincent John Green
- Administrators' firm
- CCW Recovery Solutions
- Incorporated
- 1966-02-08
- Location
- Tunbridge Wells
- Industry
- 64306 Activities of real estate investment trusts
Why it went into administration
- Funding withdrawn / unable to refinance
- Property / lease costs
- Parent or group failure
- Loss of a key customer, supplier or contract
- Rising interest rates
- Weather / natural events
From the administrators' statement
Warner Estate Holdings Plc (“Holdings”) is the ultimate shareholder of Warner Estate Management Limited ("WEM’), Al 2013 (formerly Ashtenne Investments Limited) ("Al") and AAM 2013 (formerly Ashtenne Asset Management Limited) (‘AAM’) Its principal business was property asset management, together with property investment, in the United Kingdom WEM, Al and AAM also entered into administration on 28 August 2013, with Mark Newman and James Snowdon being appointed Joint Administrators Whilst a separate set of proposals has been prepared for these subsidiaries, it is also necessary to explain the events leading to the failure of companies within the Holdings group of companies in this report Holdings and its subsidiaries which are also in administration, are collectively referred to as “the Group”
WEM 1s a wholly owned subsidiary of Holdings, and its main business was to act as the management company for the Companies, and other companies within the Group WEM bore the day to day administration expenses, which it subsequently re-charged to various companies All of the employees’ contracts of employment were with WEM
Al ts ultimately a wholly owned subsidiary of Holdings, with tts immediate parent company being Warner Estate Property Limited Al did not trade and its only asset was a 33 33% equity interest in Ashtenne Industrial (General Partner) Limited (the GP) The GP acted as the advisory company to the Ashtenne Industrial Fund (AIF) The GP also owns 180,000 units in AIF (less than 01% of the Fund) Whilst Al was dormant, the equity interest in the GP 1s inextricably tied to Holdings and tts subsidiaries
Administrators' statement of proposals (2013-10-28) · Companies House register