The Charles Davies Partnership Limited (02531881): administration
- Status
- Administration ended
- Administration began
- 2014-12-09
- Administrators
- Ryan Kevin Grant, Catherine Williamson
- Administrators' firm
- AlixPartners
- Formerly
- The Courtenay Group Limited; Courtenay Consultants Limited; Leaguegift Limited
- Incorporated
- 1990-08-16
- Location
- Manchester
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
3.1 The Company was incorporated on 16 August 1990 and from September 2006 traded as The Hand Equestrian Centre, located at Davis Lane, Clevedon, Bristol, BS21 6TG (the Property). The Property comprises a 12.5 acre equestrian centre including an arena building, stable block and a number of other completed and partially completed buildings. The Bank was granted a fixed charge over the Property on 29 September 2006.
3.2 The Company has incurred operating losses from 2011 and annual audited accounts have shown the Company has been balance sheet insolvent since December 2012. In addition, the Company has made significant asset transfers to related parties and associated companies.
33 As a result of the deteriorating trading position, an urgent asset review was instructed by the Bank in July 2014. This confirmed a breach of the lending facilities and as a result the Bank took steps in order to secure and protects its interests. This resulted in a format demand for repayment being issued on 27 November 2014 and subsequently the Admimstrators were appointed on 9 December 2014.
Administrators' statement of proposals (2015-01-26) · Companies House register