ALL Points North PLC (02798920): administration
- Status
- Administration ended
- Administration began
- 2012-08-30
- Administrators
- Paul Stanley, Kenneth Wilson Pattullo
- Administrators' firm
- Begbies Traynor
- Formerly
- ALL Points North Limited; Cabinguild Limited
- Incorporated
- 1993-03-12
- Location
- Manchester
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
- Property / lease costs
From the administrators' statement
The following has been provided by Keith Chadwick, a director, summansing the events tn the lead up to the Company entenng administration and the reasons behind this
In general, the decline of the commercial property market over the last three years In particular, Clydesdale Bank instructed a valuation from Savills, received in December 2010, which reduced our existing property portfolio valuation by almost one third Our pnme loan to value Bank covenant was now breached and Clydesdale subsequently doubled our interest payable To a lesser extent several of our tenants either went bankrupt or reneged on their rent payments Also we had been awarded a contract to develop a private hospital more than 2 years ago but the ultimate hospital operator (BMI — The biggest in the UK) expenenced financial difficultes and kept on delaying the proposed start date This development would have produced a profit and cash flow of approximately £1m
Administrators' statement of proposals (2012-11-01) · Companies House register