Easter Holdings Limited (02615073): administration
- Status
- Administration ended
- Administration began
- 2012-03-14
- Administrators
- Robert Andrew Croxen, Colin Michael Trevethyn Haig
- Administrators' firm
- KPMG
- Formerly
- Easter Property Management Limited; The Easter Management Group Limited
- Incorporated
- 1991-05-28
- Location
- London
- Industry
- 7011
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 28 May 1991 as a holding company to hold shares in property companies within the Easter Group
The Company was funded by a term loan from the Bank The Bank has cross guaranteed security against this borrowing on 15 properties and 3 development land assets within the Easter Group The Easter Group experienced an increased number of letting voids in these properties in 2011, which led to a covenant breach in December 2011
The Directors presented a proposal to the Bank in February 2012, which involved a third party purchasing a share of the development activities as well as all employees and head office functions of the Easter Group However, funding was not 1n place to proceed with this proposal, therefore the Bank withdrew support Following this the Directors appointed Robert Andrew Croxen and David John Crawshaw of KPMG as Administrators of the Company and a number of other compames within the Easter Group on 14 March 2012
Administrators' statement of proposals (2012-05-11) · Companies House register