Myddelton Leisure Limited (02851423): administration
- Status
- Administration ended
- Administration began
- 2012-08-10
- Administrators
- Nigel Price, William John Kelly
- Administrators' firm
- Begbies Traynor
- Formerly
- Simco 558 Limited
- Incorporated
- 1993-09-08
- Location
- Birmingham
- Industry
- 7487
Why it went into administration
- Property / lease costs
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Competition / price pressure
From the administrators' statement
Myddelton Leisure Ltd was incorporated in late 1993 for the sole purpose of acting as the operating company for Chirk Golf Club and Chirk Marina, which commenced trading tn 1994
Chirk Golf Club was built between 1990 and 1992 The 9 Hole Course and 15 bay Driving Range were opened in 1991, and the 18 Hole Course and two storey Clubhouse (comprising a professional shop, bar and restaurant, ladies and gents changing and shower rooms, and admin offices) was opened in 1992 The marina, operated by a non-connected company, has capacity to offer berthing for up to 174 canalboats
Myddelton Leisure Ltd was granted a 50 year lease of Chirk Golf Club and Chirk Marina in April 1994 The onginal terms of the lease noted the rent as being determined by the annual interest payable on £800,000 of debt associated with the development of the golf club, although the rent payable could also be reviewed under the terms of the lease to the current market rent of the golf club and marina
Administrators' statement of proposals (2012-09-20) · Companies House register