Compass Developments Limited (01743146): administration
- Status
- In administration
- Administration began
- 2025-01-30
- Administrators
- Steven John Williams, Jessica Leeming
- Administrators' firm
- FRP Advisory
- Formerly
- Pacesheer Limited
- Incorporated
- 1983-07-29
- Location
- Preston
- Industry
- 42210 Construction of utility projects for fluids
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- COVID-19
- Bad debts / customer insolvency
- Property / lease costs
From the administrators' statement
The Company was incorporated in July 1983 and held land which was later promoted for residential planning. The Company secured the relevant planning permission and the previous directors/owners completed part of the agreed scheme which was primarily made up of social housing.
Following the sale of the completed properties, the Company then held freehold land with planning permission and a share sale was completed to the current owners in 2020 to develop the remaining land.
The project was initially funded via development loans from Shawbrook and BH2. The debt to Shawbrook was later refinance to UTB in 2023.
Administrators' statement of proposals (2025-04-07) · Companies House register