Wheatfields Park Limited (01337491): administration
- Status
- Administration ended
- Administration began
- 2011-12-08
- Administrators
- Ross David Connock, Robert Nicholas Lewis
- Administrators' firm
- PwC
- Incorporated
- 1977-11-07
- Location
- Leeds
- Industry
- 0112
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
As a result of the restructure and purchase of Edeswell, the Company has been carrying a high level of debt and has struggled to make capital and interest payments on the outstanding loan balance. More recently, the garden and horticulture industry have been badly affected by the financial downturn, which has significantly decreased customer numbers and sales.
The take up of lodges at Edeswell Park has been much slower than anticipated, which has resulted in further losses for the business and created cash flow problems. Consequently, the Company could no longer pay its creditors as they became due. Ultimately the Company faced a winding up petition from a creditor in December 2011 and as this debt could not be paid, the directors requested that HSBC Bank Plc (“the Bank”) appoint Administrators over the Company.
Ross Connock and Rob Lewis were appointed joint administrators on the Company on 8 December 2011. The manner in which the Company’s affairs and business have been managed and financed
Administrators' statement of proposals (2012-02-06) · Companies House register