Annafield Limited (02692220): administration
- Status
- Administration ended
- Administration began
- 2023-09-01
- Administrators
- Stephen Powell, Simon John Lowes
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1992-02-28
- Location
- Southampton
- Industry
- 41100 Development of building projects
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Property / lease costs
From the administrators' statement
James and Darren Gough bought the shares of Annafield Ltd in June 2007 for £1.3 million and became the directors of the Company. The assets consisted of a rundown pub, a rundown small marina and 3 large fields with one of them having planning for 12 park homes with potential in getting planning on the other two.
A mortgage was obtained with Commercial First which required a deposit and stamp duty that came to approx. £400k. The directors borrowed money from their parents and family who took second charges on both their residential addresses as they believed in the project.
The Company started work on the pub and marina with money made from selling a development and renovated both in the first few months of owning it. The Company opened the pub with a manager and this soon became busy as it’s on the water, the marina filled up too as word soon spread that the whole place was being refurbished. Within 6 months the marina was full, and the pub was doing well.
Administrators' statement of proposals (2023-10-20) · Companies House register