Cobblers Properties (00983688): administration
- Status
- Administration ended
- Administration began
- 2020-04-23
- Administrators
- Richard Howard Toone, Ian Mark Defty
- Administrators' firm
- Insolvency Practitioners of CVR Global
- Formerly
- Johnsons Shoes Company
- Incorporated
- 1970-07-03
- Location
- Brighton
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Property / lease costs
- COVID-19
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The directors advised, in April 2018 a meeting was requested with Natwest, at the time, one of the directors was also undergoing serious health problems. Shortly afterwards Natwest withdrew some of its facility, then raised the overdraft rate for the Company from 2% to 3%, to 3. 5%, to 3.75%, and finally to 3.85% within one year.
In March 2019, the Company received a letter from Natwest informing. them that their account was being moved to the debt recovery/restructuring team. A meeting was held, and professional advice was sought. At this time, Natwest remained to hold fixed charges against the property assets of the Company to the value of c.£10m against a borrowing of £1.5m. .
The directors advised that loan repayments totalling circa £400,000 were made every:
Administrators' statement of proposals (2020-06-26) · Companies House register