Colvinaire (Properties) Limited (00936148): administration
- Status
- Administration ended
- Administration began
- 2017-11-02
- Administrators
- Matthew James Higgins, Steven Phillip Ross
- Administrators' firm
- RSM
- Formerly
- Union Trucks Limited
- Incorporated
- 1968-07-26
- Location
- Newcastle upon Tyne
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Property / lease costs
From the administrators' statement
The Company was incorporated on 26 July 1968 and commenced trading renting a property to a truck dealership. The truck dealership continued to rent property for the next 27 years.
In the late 1990's Colvinaire (Properties) Limited (“Colvinaire Properties”) became a wholly owned subsidiary of Colvinaire Ltd and took over the ownership and management of the group’s properties which included two vehicle dealerships, some industrial units and a storage yard.
Colvinaire Ltd had a pension scheme that was originally overfunded and then moved into deficit at a subsequent valuation. Property assets were sold over the course of 5 years with the realisations being put into the fund to address the deficit. Even with these extra contributions the deficit was growing and in October 2017, the directors of Colvinaire and Colvinaire Properties approached RSM to discuss the Companies financial position. Following professional advice, the directors concluded that steps should be taken to place the Colvinaire into Creditors Voluntary Liquidation and Colvinnaire Properties into Administration.
Administrators' statement of proposals (2018-01-06) · Companies House register